When discounted to yield 9.5% compounded quarterly, a $4,500 four-year promissory note bearing semiannually was priced at $5,697.84. How long after the issue date did the discounting take place? (Do not round the intermediate calcu the nearest month.) The discounting took place year(s) and month(s) after issue.

When discounted to yield 9.5% compounded quarterly, a $4,500 four-year promissory note bearing semiannually was priced at $5,697.84. How long after the issue date did the discounting take place? (Do not round the intermediate calcu the nearest month.) The discounting took place year(s) and month(s) after issue.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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