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Shtirlitz [24]
3 years ago
15

The maturity value of a 90-day note for $4,000 with an interest rate of 10 percent is?

Business
1 answer:
Leno4ka [110]3 years ago
8 0

Answer:

maturity value = $4100

Explanation:

given data

time = 90 days = \frac{90}{360}

consider 360 days in a year

principal = $4000

interest rate = 10%

to find out

maturity value

solution

first we get here interest amount that is

interest = principal × rate × time   .........1

interest = $4000 × 10% × \frac{90}{360}

interest = $100

so maturity value will be

maturity value = principal + interest  .............2

maturity value = $4000 + $100

maturity value = $4100

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