Question
You signed a $19,000, two-year promissory note bearing interest at 13% compounded semiannually to help pay for your college education. At the one year mark,
You signed a $19,000, two-year promissory note bearing interest at 13% compounded
semiannually to help pay for your college education. At the one year mark, the promissory note
was sold for $22,925. What monthly compounded discount rate was used in pricing the note?
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
