sheant2 sheant2

02-12-2017
Mathematics

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A $8920 note is signed for 160 days at a discount rate of 6.5% find the proceeds

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meerkat18 meerkat18

14-12-2017

Since it's not mentioned in the problem, it can be safely assumed that the discount rate is 6.5% daily. For this problem, we use the formula:

F = P(1+rn)
where
r is the discount rate
n is the number of days
P is the original amount

F = $8920(1+0.065*160)
F = $101,688

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