Mike Fagan needs $25,000 to expand his flower shop. Find the face value of a simple discount note that will provide the $25,000 in proceeds if he plans to repay the note in 240 days and the bank charges a 9% discount rate I have a vague idea on the maturity value formula but I'm still struggling to get this.

Answer rating: 100% (QA)

Youre on the right track The maturity value formula for a simple discount note is indeed what you ne... View the full answer