9.A 10%,100-day note was dated 20 september 1992.the maturity value of the note was $3083.33.If the note was discounted on 17 november 1992 at 12%,FIND

i) the maturity date of the note
= 29 december 1992

ii)the face value of the note

$3083.33 = (1+0.1(100/360)
= 1.0278
= 3083.33/1.0278
= 2.999.9

or

= (1-0.1(100/360)
= 0.9722
= 3083.33/0.9722
= 3171.49

but the answer is = 5100

actually i still confuse what actually formula to find face value.we need - or + ?

NEVER POSTED THIS I WILL LEAVE

AND GO TO SPAIN

ey,not answering.good go to spain FIZZ

To find the face value of the note, you need to use the formula for present value.

The formula for present value is:
Present Value = Future Value / (1 + i * t/360)

Where:
- Future Value is the maturity value of the note ($3083.33 in this case).
- i is the discount rate (12% in this case).
- t is the number of days from the discount date to the maturity date (which we need to find).

To find the maturity date, you need to calculate the number of days between the discount date (17 November 1992) and the maturity date. In this case, it would be 100 days from the date of issuance (20 September 1992).

Now, we substitute the known values into the formula for present value and solve for t:

Future Value / (1 + i * t/360) = Present Value

Using the given values from your question:
$3083.33 / (1 + 0.12 * t/360) = $5100

Now, solve for t by cross-multiplying and rearranging the equation:

$3083.33 * (1 + 0.12 * t/360) = $5100

$3083.33 + (0.12 * $3083.33 * t/360) = $5100

Rearranging the equation further:

(0.12 * $3083.33 * t/360) = $5100 - $3083.33

(0.12 * $3083.33 * t/360) = $2016.67

Now, solve for t:

t = (360 * $2016.67) / (0.12 * $3083.33)

t = 240 days

So, the maturity date of the note would be 240 days after the discount date, which is 29 December 1992.

Now, to find the face value, you need to calculate the future value using the maturity date and the given discount rate.

Use the formula for future value:
Future Value = Present Value * (1 + i * t/360)

Substituting the known values:
Future Value = $3083.33 * (1 + 0.12 * 240/360)

Calculate the future value:

Future Value = $3083.33 * (1 + 0.12 * 2/3)

Future Value = $3083.33 * (1 + 0.08)

Future Value = $3083.33 * 1.08

Future Value = $3333.33

Therefore, the face value of the note is $3333.33, not $5100.

It seems there might be an error in the given answer of $5100, or there might be additional information missing from the question.