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A 7-Month Note Dated May 1, 2014 Is Made at 3.75

Question 65

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A 7-month note dated May 1, 2014 is made at 3.75% for $3705. What is the present value of the note on September 4, 2014, if money is worth 6.87%?

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Legal due date is December 4, 2014.
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