Multiple Choice
The proceeds of a $9,000 8-year promissory note earning 5% compounded semi-annually were $10,474. How many years before maturity date was the note sold if the discounted rate was 7.2% compounded annually.
A) 3.5 years
B) 4.5 years
C) 5.5 years
D) 6.5 years
E) 7.5 years
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q184: Wilf paid $557.05 for a $1,000 face
Q185: Last year, the Muirs purchased a rental
Q186: Lisa is offered a loan from a
Q187: What rate of return in the second
Q188: If a company's annual sales grew from
Q190: A four-year promissory note for $3,800 plus
Q191: Calculate the equivalent interest rate (to the
Q192: How long before a future payment of
Q193: The population of a mining town declined
Q194: A portfolio earned 20%, -20%, 0%, 20%,