A ten-year promissory note dated April 1, 2001, with a face value of $4700.00 bearing interest at 7.2% compounded semi-annually, discounted seven years later when money was worth 9.92% compounded monthly. Find the proceeds. $ 7064.9 O $74537.57 O $ 7088.88

A ten-year promissory note dated April 1, 2001, with a face value of $4700.00 bearing interest at 7.2% compounded semi-annually, discounted seven years later when money was worth 9.92% compounded monthly. Find the proceeds. $ 7064.9 O $74537.57 O $ 7088.88

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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Question

A ten-year promissory note dated April 1, 2001, with a face value of $4700.00
bearing interest at 7.2% compounded semi-annually, discounted seven years
later when money was worth 9.92% compounded monthly. Find the proceeds.
O $ 7064.9
O $74537.57
$ 7088.88
$7493.87

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