jacks0517 jacks0517

21-05-2018
Mathematics

contestada

Calculate the maturity value for an interest-bearing note of $28,500 for 118 days at 8%

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CastleRook CastleRook

31-05-2018

The maturity value of the note will be given by:
A=P(1+r)^n
where:
P=principle
r=rate
n=time
P=$28500, r=85, t=118/360
hence
A=28500(1+8/100)^(118/360)
A=29228.10

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