Homework Answers
DIscount Rate = [ Par Value / Discounted Value ] - 1
= [ Pound 30000 / Pound 28837.03 ] - 1
= 1.0403 - 1
= 0.0403
Time of Note = [ Discounted Rate / % Disc Note ]* 365
= [ 0.0403 / 10 ] * 365
= 147.09 i.e 147 Days
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Proceeds received
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