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If the bankers discount on a sum of $8000 for 1 year at 12% is $960, what is the present value?

Practice Questions

1 question
Q1
If the bankers discount on a sum of $8000 for 1 year at 12% is $960, what is the present value?
  1. $7040
  2. $7048
  3. $7200
  4. $7208

Questions & Step-by-step Solutions

1 item
Q
Q: If the bankers discount on a sum of $8000 for 1 year at 12% is $960, what is the present value?
Solution: Present Value = Principal - Bankers Discount = 8000 - 960 = $7040.
Steps: 6

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