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Jay owes Sonny P300,000 due now. In payment, Jay draws a 75-day note to the order of Sonny with a face value not bearing interest.
- Jay owes Sonny P300,000 due now. In payment, Jay draws a 75-day note to the order of Sonny with a face value not bearing interest. Sonny intends to sell the note immediately to a bank whose discount rate is 10.5% per annum. What should be the face value of the note in order for Sonny to be able to get the P300,000 from the sales of the note to the bank?
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The Wall Street Mba
Authors: Reuben Advani
2nd Edition
007178831X, 9780071788311
