A $6300 face-value investment earning interest at 10% compounded annually for a six-year term was sold for

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A $6300 face-value investment earning interest at 10% compounded annually for a six-year term was sold for $7550. How many years before its maturity date was the note sold if it was discounted to yield 12% compounded monthly?

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2.73 years
3.27 years
4.50 years
12.38 years
39.28 years

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Posted Date: Jun 06, 2022 04:09 AM

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A $6300 face-value investment earning interest at 10% compounded annually for a six-year term was sold for

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Answer C 450 Years Compound interest formula If compounded monthly A Principl... View the full answer

Fundamentals Of Business Mathematics In Canada

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