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A promissory note will pay P30,000 at a 10-year maturity from now. How much should you be willing to pay for the note now if money is worth 9% compounded continuously? Round your final answer to the nearest whole number.
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Answer:
One-time simple interest is only common for extremely short-term loans. For longer term loans, it is common for interest to be paid on a daily, monthly, quarterly, or annual basis. In that case, interest would be earned regularly.
For example, bonds are essentially a loan made to the bond issuer (a company or government) by you, the bond holder. In return for the loan, the issuer agrees to pay interest, often annually. Bonds have a maturity date, at which time the issuer pays back the original bond value.