Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman

تمرين 108

Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary.
Richie Powers is the owner of American Eagle Boats, a manufacturer of custom pleasure boats. Because of the economic recession and slow boat sales recently, American Eagle has begun accepting promissory notes from its dealers to help finance large orders. This morning American Eagle accepted a 90-day, 9.5% promissory note for $600,000 from Champion Marine, one of its sales dealers.
You are a manager for Atlantic Bank, and Richie is one of your clients. Atlantic's discount rate is currently 16%. Richie's goal is to discount the note as soon as possible, but not until the proceeds are at least equal to the face value of the note, $600,000.
a. As his banker, Richie has asked you to "run the numbers" at ten-day intervals starting with day 20 and advise him as to when he can discount the note and still receive his $600,000.
b. (Challenge) Calculate the exact day the note should be discounted to meet Richie's goal.