3. A 9-year promissory note of $11000.00 with interest at 3.28% compounded qua was discounted at 6% compounded semi-annually yielding proceeds of $7600.00. many months before the due date was the discount date?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
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Chapter16: Working Capital Policy And Short-term Financing
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Umpounded quarterly. Calculate the size of the single payment.
3. A 9-year promissory note of $11000.00 with interest at 3.28% compounded quarterly
was discounted at 6% compounded semi-annually yielding proceeds of $7600.00. How
many months before the due date was the discount date?
Transcribed Image Text:Umpounded quarterly. Calculate the size of the single payment. 3. A 9-year promissory note of $11000.00 with interest at 3.28% compounded quarterly was discounted at 6% compounded semi-annually yielding proceeds of $7600.00. How many months before the due date was the discount date?
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