I am having some trouble with a similar problem except in this problem you have to determine the discount rate and are give several other things; the problem in question is pasted below Nancy needed $8500 to start a web page design company and signed a 200-day note with a face value of $8872.67. Find the discount rate. Use banker's interest of 360 days.

I am having some trouble with a similar problem except in this problem you have to determine the discount rate and are give several other things; the problem in question is pasted below Nancy needed $8500 to start a web page design company and signed a 200-day note with a face value of $8872.67. Find the discount rate. Use banker's interest of 360 days.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 32P

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