An individual purchased a 5-year, $10,000 promissory note with an interest rate of 3.5%/year compounded semiannually....

 

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An individual purchased a 5-year, $10,000 promissory note with an interest rate of 3.5%/year compounded semiannually. How much did the note cost? (Round your answer to the nearest cent.) $ You may have rounded in the wrong direction. An individual purchased a 5-year, $10,000 promissory note with an interest rate of 3.5%/year compounded semiannually. How much did the note cost? (Round your answer to the nearest cent.) $ You may have rounded in the wrong direction.

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To calculate the cost of the promissory note we need to ... View the full answer