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22 August, 03:16

What are the proceeds of a note for $5,500 at a discount rate of 8%, for 30 months?

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  1. 22 August, 05:28
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    A = Prt

    here

    p = 5500

    r = 8% = 0.08

    t = 30 / 12

    Putting the values in the formula you will get

    a = (5500) x (0.08) x (30/12)

    a = 5500 x 0.2 = 1100

    Thus, the answer is 1100.
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