Multiple Choice
A promissory note for $10,000,dated July 1,2007,is due in four years with interest at j2 = 8%.On October 1,2008,it was sold to an investor who discounted the note at j4 = 9%.What was the purchase price of the note on October 1,2008?
A) $10,714.46
B) $10,955.53
C) $11,176.77
D) $11,975.31
Correct Answer:
Verified
Correct Answer:
Verified
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