Multiple Choice
Your firm has sold a fleet of 50 cars to a local firm at a discounted price of $23,000 each (a total of $1,150,000) due in six months.You are willing to discount the purchase price at an annual rate of 3% if the firm pays cash today.What is the least amount of money you will accept if the firm pays your company today?
A) $1,150,000
B) $1,133,129
C) $1,125,495
D) This problem cannot be answered because we have an annual interest rate but only one-half year in time.
Correct Answer:
Verified
Correct Answer:
Verified
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