Question: A note dated October 1, 1993, calls for the payment of $800 in 7 years. On October 1, 1995, it is sold at a price

A note dated October 1, 1993, calls for the payment of $800 in 7 years. On October 1, 1995, it is sold at a price that will yield the purchaser j₄ = 16%. How much is paid for the note? Ans; $365.11

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