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Question 10 Bob purchased a promissory note on January 1st, 2009 which agreed to pay simple interest in the amount 8.0% per year. The note
Question 10 Bob purchased a promissory note on January 1st, 2009 which agreed to pay simple interest in the amount 8.0% per year. The note will mature and be paid on April St 2009, 90 days later. Bob 1 sells the note to Sally on February 12 2009 (i.e. 42 days after purchasing) for an amount that causes Sally's yield rate on the note to be equivalent to simple interest of 6.3% per year. Sally cashes in the note on April 1 2009 for 5000.00 Note: There are 365 days in a year What is Bob's annual yield rate (simple interest) on the note? Give your answer as a percentage rounded to two places. Do not round your calculations, at least not too much, until the very end
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