The maturity value of a five-month promissory note issued May 31, 2013, is $2134.00. What is the present value of the note on the date of issue if money is worth 6.3%?

Name: The maturity value of a five-month promissory note issued May 31, 2013, is $2134.00. What is the present value of the note on the date of issue if money is worth 6.3%?
Brand: Quizplus
Rating: 4.9 (29 reviews)

Question

Quizplus · Accepted Answer

The Answer is Legal due date: November 3, 2013
Interest period: May 31, 2013 - November 3, 2013 is 156 days
P =

Legal due date: November 3, 2013 Interest period: May 31, 2013 - November 3, 2013 is 156 days P = = = $2078.05

=

= $2078.05

The Maturity Value of a Five-Month Promissory Note Issued May