Determine what must be the face value of the note

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Picard Orchards reuires a 100,000 annual loan in order to pay laborors to tend and harvest its fruit crop. Picard borrows on a discount interest basis at a simple annual rate of 11 percent. If Picard actually receive 100,000 net proceeds to finance its crop then what must be the face value of the note?

Reference no: EM13336459

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