Firm receives payment from harvests sometime after shipment

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Reference no: EM13943248

Sunnydale Organics, Inc. harvests crops in roughly 3-month cycles. The firm receives payment from its harvests sometime after shipment. Due in part to the firm's rapid growth, it has been borrowing to finance its harvests using 3-month bank notes on which it pays 12 percent discount interest per year. If the firm requires $60,000 in proceeds from each note, what must be the face value of each note?

Reference no: EM13943248

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Firm receives payment from harvests sometime after shipment : Sunnydale Organics, Inc. harvests crops in roughly 3-month cycles. The firm receives payment from its harvests sometime after shipment. Due in part to the firm's rapid growth, it has been borrowing to finance its harvests using 3-month bank notes on ..

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