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A Five-Year, $4500

question 18

Essay

A five-year, $4500.00 promissory note with interest at 7.5% compounded semi-annually was discounted at 8% compounded quarterly yielding proceeds of $6150.00. How many months before the due date was the discount date?


Definitions:

Cash Dividends

Cash disbursement from a company's income to its shareholders.

Public Company

A company that has issued securities through an initial public offering and is traded on at least one stock exchange.

Organizational Expenses

Costs incurred in the creation of a corporation or business entity, including legal fees, state incorporation fees, and promotional expenses.

Legal Fees

Costs incurred for legal services provided by attorneys or law firms to individuals or organizations.

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