Question: A research and consulting for requires $ 3 2 0 , 0 0 0 to replace its mainframe computer. A bank will lend the funds

A research and consulting for requires $320,000 to replace its mainframe computer. A bank will lend the funds on a simple discount note for 140 days at a discount rate of 9% find the face value required to produce proceeds of $320,000. Use this value to determine the effective interest rate use bankers interest of 360 days. What is the face value of the note? What is the effective rate of interest?

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