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Find Proceeds of $2200 Note Discounted at 2.6

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A $2200 promissory note maturing on November 30, 2022 was discounted on May 31, 2020 at an annual rate of 2.6% compounded semi-annually. To find the proceeds of this note, the future value was discounted over the remaining period taking into account the semi-annual compounding.

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Find the proceeds of a promissory note with a maturity value of $2200 due on November 30,2022 , discounted at 2.6% compounded semi-annually on May 31, 2020. The proceeds are $ (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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Find Proceeds of $2200 Note Discounted at 2.6

  • 1. Find the proceeds of a promissory note with a maturity value of $2200 due on November 30,2022 , discounted at 2.6% compounded semi-annually on May 31, 2020. The proceeds are $ (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)