Question
You wish to sell a 190 day Bank Accepted Bill that promises to pay $50,000 at maturity. The applicable simple interest rate is 8.67% per
You wish to sell a 190 day Bank Accepted Bill that promises to pay $50,000 at maturity. The applicable simple interest rate is 8.67% per annum. If the sale occurs 87 days before maturity, calculate the proceeds (P) of the sale. Give your answer in dollars and cents to the nearest cent.
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Managerial Accounting
Authors: John Wild, Ken Shaw
5th edition
978-1259176494, 1259176495, 978-1259347641, 1259347648, 978-0078025600
