30000 due at the end of 60 yearsI"ll assume that the variety of days in year is 360 I=30,000×0.05×(60÷360)=250Cash in hand at the beginning of 60 days is30,000−250=29,750The efficient price isR=I÷ptR=250÷(29,750×(60÷360))R=0.0504×100R=5.04%

The reliable price is R=5.04%

Step-by-step explanation:

Consider the provided indevelopment.

You are watching: The effective rate of a $30,000 non-interest-bearing simple discount 5%, 60-day note is:

We should uncover the efficient price of a $30000.

Interemainder Rate is 5% or 0.05.

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Sometimes bankers calculate interest on a 360-day year for comfort.

Thus, I have the right to be calculated as:

I = Principal x Interest Rate x Frequency of a year

Principal = 30000, Interest Rate = 0.05 and also Frequency of a year = 60÷360

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Thus, cash in hand at the beginning of 60 days is:

p = 30,000 − 250 = 29750

The reliable rate have the right to be calculated as:

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or

R=5.04%

Hence, the efficient rate is R=5.04%




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