Multiple Choice
An 11-year $5000.00 promissory note, with interest at 4.4% compounded monthly, is discounted at 3.5% compounded semi-annually yielding proceeds of $7651.15. How many months before the due date was the date of discount?
A) 20 months
B) 47 months
C) 116 months
D) 76 months
E) 132 months
Correct Answer:
Verified
Correct Answer:
Verified
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