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What is the true discount on a sum of $8000 due in 5 years at 7% per annum?

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Question: What is the true discount on a sum of $8000 due in 5 years at 7% per annum?

Options:

  1. $500
  2. $600
  3. $700
  4. $800

Correct Answer: $700

Solution: 

Present Worth = 8000 / (1 + 0.07*5) = 8000 / 1.35 = $5925.93. True Discount = 8000 - 5925.93 = $2074.07.

What is the true discount on a sum of $8000 due in 5 years at 7% per annum?

Practice Questions

Q1
What is the true discount on a sum of $8000 due in 5 years at 7% per annum?
  1. $500
  2. $600
  3. $700
  4. $800

Questions & Step-by-Step Solutions

What is the true discount on a sum of $8000 due in 5 years at 7% per annum?
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