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A $7,000 Non-Interest-Bearing Promissory Note Is Discounted at 10% Compounded

Question 245

Multiple Choice

A $7,000 non-interest-bearing promissory note is discounted at 10% compounded quarterly, two years before maturity. What are the proceeds from the sale of the note?


A) $6,829.27
B) $6,662.70
C) $5,785.12
D) $5,933.33
E) $5,745.23

Correct Answer:

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