Problempicard orchards requires a 100000 annual loan in, Ask an Expert

Accounting

Problem:

Picard Orchards requires a 100,000 annual loan in order to pay laborers to tend and harvest its fruit crop. Picard borrows on a discount interest basis at a simple annual rate of 11 percent.

Required:

Question: If Picard actually receive 100,000 net proceeds to finance its crop then what must be the face value of the note?

Note: Show step by step solution and I also want complete calculation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91173334

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