Business, 21.10.2020 09:01 rosiegirl313

By December 31st 2019, Agincourt Inc. had rendered a considerable amount of consulting services to Lee Company for the 2019 fiscal year. Services were rendered in exchange for a fiveyear promissory note with a maturity value (face value) of $500,000; (the promissory note also
pays interest at a rate of 3% per annum and that interest is payable annually commencing on
December 31st 2020). Assume for purposes of this problem that Lee Company has a poor credit
rating that requires them to have to borrow money at 9% (per annum). Assume the services
rendered to Lee by Agincourt were consulting services – just normal revenue to Agincourt Inc.

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