Question: Drill Problem 11-6 (Algo) [LU 11-2 (1, 2)] Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 10%.

Drill Problem 11-6 (Algo) [LU 11-2 (1, 2)] Solve for maturity

Drill Problem 11-6 (Algo) [LU 11-2 (1, 2)] Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 10%. Use the ordinary interest method. (Use Days in a year table. (Do not round intermediate calculations. Round your final answers to the nearest cent.) Face value (principal) $ 29,000 Rate of interest 8% Maturity value Length of note 50 days Bank discount Proceeds Date of note February 5 Discount period Date note discounted March 7

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