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16 July, 18:08

A $8920 note is signed for 160 days at a discount rate of 6.5% find the proceeds

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  1. 16 July, 18:17
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    Since it's not mentioned in the problem, it can be safely assumed that the discount rate is 6.5% daily. For this problem, we use the formula:

    F = P (1+rn)

    where

    r is the discount rate

    n is the number of days

    P is the original amount

    F = $8920 (1+0.065*160)

    F = $101,688
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