Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your friend comes to you with a $2,000 post-dated check. The check is due 2 years fom today. If the interest rate is 5% ,

Your friend comes to you with a $2,000 post-dated check.
The check is due 2 years fom today.
If the interest rate is 5% , what is the value of the check today?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Selected Works Of George J. Benston Banking And Financial Services Volume 1

Authors: James D. Rosenfeld

1st Edition

0195389018, 0199745471, 9780199745470

More Books

Students also viewed these Finance questions

Question

=+ How should the Justice Department respond?

Answered: 1 week ago