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A 9-Month Non-Interest Bearing Promissory Note Is Sold 2 Months

Question 111

Multiple Choice

A 9-month non-interest bearing promissory note is sold 2 months after it was issued. The face value of the note is $8500 and it is discounted at a rate of 5.2% compounded annually. What are the proceeds?


A) $8252.33
B) $8525.33
C) $8255.33
D) $8522.33
E) $8552.33

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