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Solve the application problem. Round rate to the nearest tenth of a percent, time to the nearest day, and money to the nearest cent.
Ben Dayton needed funds to open a cell phone store and his uncle agreed to put up collateral for the loan. Dayton signed a 130-day simple discount note with a face value of and proceeds of . Find the discount rate.
Answer the following question.
Suppose you are a director of an energy company that has three divisions—natural gas, oil, and retail (gas stations). These divisions operate independently from one another, but all division managers report to the firm’s CEO. If you were on the compensation committee, and your committee was asked to set the compensation for the three division managers, would you use the same criteria as that used for the firm’s CEO? Explain your reasoning.