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Q15 Mr. Rose owes Mr. Chen $1000. Mr. Chen agrees to accept as payment a...

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Q15 Mr. Rose owes Mr. Chen $1000. Mr. Chen agrees to accept as payment a noninterest-bearing note for 90 days; the note can be immediately discounted at a local bank which charges a discount rate of 10%. What should the face of the note be so that Mr. Chen will receive $1000 as proceeds? Ans. $1025.64 Q16

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