Question
The current value of a bill maturing in 40 days is €12,561.50. Calculate the nominal value of this effect knowing that it was discounted at the rate of 2.75%.
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Answer to a math question The current value of a bill maturing in 40 days is €12,561.50. Calculate the nominal value of this effect knowing that it was discounted at the rate of 2.75%.
Hester
4.8117 Answers
To calculate the nominal value of a bill that was discounted at a certain rate, we can use the discounted value formula:
Nominal Value = Discounted Value / (1 - Discount Rate * Time)
Given:
Discounted Value = €12,561.50
Discount Rate = 2.75% = 0.0275
Time = 40 days
First, we need to convert the time from days to years by dividing by 365 (assuming a 365-day year):
Time = 40 days / 365 days/year ≈ 0.1096 years
Now we can calculate the nominal value:
Nominal Value = €12,561.50 / (1 - 0.0275 * 0.1096)
Nominal Value = €12,561.50 / (1 - 0.003007)
Nominal Value ≈ €12,561.50 / 0.996993
Nominal Value ≈ €12,599.47
Therefore, the nominal value of the bill is approximately €12,599.47
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