Question
A $7,000 non-interest-bearing promissory note is discounted at 10% compounded quarterly, two years before maturity. What are the proceeds from the sale of the note?
A $7,000 non-interest-bearing promissory note is discounted at 10% compounded quarterly, two years before maturity. What are the proceeds from the sale of the note?
Options:
$5,785.12
$5,745.23
$6,829.27
$5,933.33
$6,662.70
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Principles Of Managerial Finance
Authors: Lawrence J. Gitman, Chad J. Zutter
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