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24 September, 07:43

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

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  1. 24 September, 10:54
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    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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