You Borrow $800 Today at R = 12% from a Bank

question 96

Multiple Choice

You borrow $800 today at r = 12% from a bank that uses ordinary interest (Banker's rule) .You pay back at least $845 in n-days.What is the value of n?

• A)168 days
• B)169 days
• C)171 days
• D)172 days

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Definitions:

Profit-Maximizing Price

The price level at which a company can sell its products or services to achieve the highest profit, considering the cost of production and market demand.

Pure Monopolist

A market structure where a single firm is the sole producer of a product or service, having significant control over its price.

Economic Profit

The difference in total funds acquired and total expenditures, both straightforward and oblique, for a corporation.

Pure Monopolist

A market structure characterized by a single seller selling a unique product with no close substitutes, having complete control over its price.