Picard Orchards Requires a $100,000 Annual Loan in Order to Pay

question 21

Multiple Choice

Picard Orchards requires a $100,000 annual loan in order to pay laborers to tend and harvest its fruit crop. Picard borrows on a discount interest basis at a nominal annual rate of 11 percent. If Picard must actually receive $100,000 net proceeds to finance its crop, then what must be the face value of the note?

• A) $111,000
• B) $100,000
• C) $112,360
• D) $ 89,000
• E) $108,840

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The natural or intrinsic urge or desire for sexual activity and expression; also referred to as libido.

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