Question: You have got a promissory note that they will pay you $29,190 in 64 days time. When you bring this note to the bank for

You have got a promissory note that they will pay you $29,190 in 64 days time. When you bring this note to the bank for selling it now, the bank has discounted it at 6.21% pa compounding daily. How much will the bank pay you for selling the note today

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

The P&ID shown in Figure P1.31 is for the feed section of a process in which a feed enters a tank and then is pumped through one of two pumps placed in parallel. The liquid then passes through a...

Question 1 To be effective, an offer must: Group of answer choices None of these. be sufficiently definite and certain. manifest an intent to enter into a contract. All of these. be communicated to...

Name: Score: Address: Mathematics 3 Module | MODULE TEST Solve the following problems. Round off the final answers to two decimal places. When you are done, read carefully and follow the instructions...

Flag Which of the following statements regarding Management's Discussion and Analysis is true? Multiple Choice A) MD&A is required only for Proprietary Fund Financial Statements. B) MD&A is reported...

The purpose of this assignment is to calculate asset ratios, analyze them, and compare them between two competitors in the same industry. Review the most recent annual reports of The Coca-Cola...

hello chegg. i need the asnwer of question number 2 please Bob and Scott Pearson, father and son, are the owners thought that they would still be able to breathe comfort- of Pearson Air Conditioning...

T/F: Which of the following statements are true? A debit balance in the discount on notes payable account will normally become a debit to Interest Expense. When a bank collects a notes receivable, it...

23) Which of the following is true of an accounts receivable subsidiary ledger? A) The total of the accounts in the accounts receivable subsidiary ledger mast equal the in the general ledger B)...

Part 1 - True or False - Circle the correct answer for each question. (1 point each). 1. T F The location of a maker's signature on a promissory note affects its enforceability and negotiability. A...

1. In 2013, several data server companies took a dramatic decision to begin using energy surcharges to recapture rising energy costs. However, customers are critical of how the energy surcharges are...

1-(Consider This) An unprofitable motel will stay open in the short-run if: a.price (average nightly room rate) exceeds average variable cost. b.marginal revenue exceeds marginal cost. c.price...

Refer to Figure 10.42. A strip load of q = 43 kN/m2 is applied over a width, B = 11 m. Determine the increase in vertical stress at point A located z = 4.6 m below the surface. Given: x = 8.2 m. q...

The written agreement that contains the specific details related to a bond issue is called the bond: 1 1 Multiple Choice 3 0 0 5 3 1 8 debenture.issue paperanderiture.document.registration statement.

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...