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Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 11%. Use the ordinary interest method. (Use Days in
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 11%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)
Face value (principal) | Rate of interest | Length of note | Maturity value | Date of note | Date note discounted | Discount period | Bank discount | Proceeds |
$47,900 | 11% | 100 days | $ | April 19 | May 3 | days | $ | $ |
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