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What must be the face value of the note

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Reference no: EM132538882

Picard Orchards requires a P100,000 annual loan in order to pay laborers to tend and harvest its fruit crop. Picard borrows on a discount interest basis at a nominal annual rate of 11 percent. If Picard must actually receive P100,000 net proceeds to finance its crop, then what must be the face value of the note?

Reference no: EM132538882

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