Question
When discounted to yield 9.4% compounded quarterly, a $6,800 five-year promissory note bearing interest at 12.8% compounded semiannually was priced at $10,024.13. How long after
When discounted to yield 9.4% compounded quarterly, a $6,800 five-year promissory note bearing interest at 12.8% compounded semiannually was priced at $10,024.13. How long after the issue date did the discounting take place? (Do not round the intermediate calculations. Round your answer to the nearest month.) The discounting took place year(s) and month(s) after issue.
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Guardians Of Finance
Authors: James R. Barth, Gerard Caprio, Ross Levine
1st Edition
0262526840, 978-0262526845
