Problem:
Picard Orchards requires a 100,000 annual loan in order to pay laborers to tend and harvest its fruit crop. Picard borrows on a discount interest basis at a simple annual rate of 11 percent.
Required:
Question: If Picard actually receive 100,000 net proceeds to finance its crop then what must be the face value of the note?
Note: Show step by step solution and I also want complete calculation.