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1 answer:
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Answer:
firm deposit is $1667.50
Step-by-step explanation:
given data
buys 12 file = $140
time = 90 days
interest = 3%
solution
we get here return on money over 90 day period is
we know Return on 360 days = 3%
return on money over 90 day = 3% ÷ 4 = 0.75%
we consider here required amount = x
so
$140 × 12 = x (1+0.0075)
x =
x = 1667.50
so firm deposit is $1667.50