Question
Mike Fagan needs $25,000 to expand his flower shop. Find the face value of a simple discount note that will provide the $25,000 in proceeds
Mike Fagan needs $25,000 to expand his flower shop. Find the face value of a simple discount note that will provide the $25,000 in proceeds if he plans to repay the note in 240 days and the bank charges a 9% discount rate I have a vague idea on the maturity value formula but I'm still struggling to get this.
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Business Math
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
10th edition
133011208, 978-0321924308, 321924304, 978-0133011203
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