Question: A $6000, three-year promissory note bearing interest at 11% compounded semiannually was purchased 15 months into its term for $6854.12. What monthly compounded discount rate

A $6000, three-year promissory note bearing interest at 11% compounded semiannually was purchased 15 months into its term for $6854.12. What monthly compounded discount rate was used in pricing the note?

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Maturity value of the note PV 1 i n 6000 1055 6 827306 ... View full answer

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