The proceeds from the sale of a $4500 five-year promissory note bearing interest at 5% compounded quarterly
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The proceeds from the sale of a $4500 five-year promissory note bearing interest at 5% compounded quarterly were $5277.81. How many months before its maturity date was the note sold if it was discounted to yield 6.3% compounded monthly?
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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