What value of c makes the equation true?
1 answer:
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Answer: $ 14736 (approx)
Step-by-step explanation:
Since, Maturity value is the amount payable to an investor at the end of a holding period of debt instrument.
And, It is defined as,
Where, P is the principal amount,
r is the interest rate
And, n is the time period.
Here, P= $4,400 r= 12 % and n = 172/365
Thus, Maturity value for this loan,
⇒V= 4400 × 3.34908932078 = 14735.9930114 ≈ 14736