Question: Three years, two months before its due date, a nine-year note for $4794.07 bearing interest at 2.2% compounded semi-annually is discounted at 4.1% compounded quarterly.

Three years, two months before its due date, a nine-year note for $4794.07 bearing interest at 2.2% compounded semi-annually is discounted at 4.1% compounded quarterly. Find the compound discount. The compound discount is $. (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Three years, two months before its due date, a nine-year note for $4794.07 bearing interest at 2.2% compounded semi-annually is discounted at 4.1% compounded quarterly. Find the compound discount. The compound discount is $. (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
