Show ALL your work. 1. A promissory note for $3000 is written on March 14, 2013. It is due in 9 months. The maturity value of the note on the legal due date is $3171.37. (a) The note is sold on August 14, 2013 to Investor 1 who wishes to earn a simple interest rate of 8%. What are the proceeds of the sale on August 14, 2013? (3 marks) (b) On September 25, 2013, Investor 1 sells the note to Investor 2 for $3122.24. If the note is paid back on the legal due date, what rate of simple interest does Investor 2 earn? (3 marks)
