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Culver Inc. loans money to John Kruk Corporation in the amount of $960,000. Culver accepts...

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Accounting

Culver Inc. loans money to John Kruk Corporation in the amount of $960,000. Culver accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Culver needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Culver will receive on the sale of the note?

The answer from the Homework is $885,868 received on the sale of the notes

Use Financial Calculator to explain how 885,868 was obtained.

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