find the discount and proceeds on a $3,260 face - value note for nine months if the discount rate is 9.4%…

find the discount and proceeds on a $3,260 face - value note for nine months if the discount rate is 9.4%. (use the bankers rule.)\nthe discount is $. (round to the nearest cent as needed.)\nthe proceeds are $. (round to the nearest cent as needed.)

find the discount and proceeds on a $3,260 face - value note for nine months if the discount rate is 9.4%. (use the bankers rule.)\nthe discount is $. (round to the nearest cent as needed.)\nthe proceeds are $. (round to the nearest cent as needed.)

Answer

Explanation:

Step1: Convert time to years

The time $t$ is 9 months. Since there are 12 months in a year, $t=\frac{9}{12}= 0.75$ years.

Step2: Calculate the discount

The formula for simple - discount is $D = F\times d\times t$, where $F$ is the face - value, $d$ is the discount rate, and $t$ is the time in years. Given $F = 3260$, $d=0.094$, and $t = 0.75$. Then $D=3260\times0.094\times0.75$. $D = 3260\times0.0705=229.83$.

Step3: Calculate the proceeds

The formula for proceeds $P$ is $P=F - D$. So $P = 3260-229.83 = 3030.17$.

Answer:

The discount is $$229.83$. The proceeds are $$3030.17$.