What will be the maturity value of $25,000 placed in a 90-day term deposit paying an interest rate of 4.75%?
A) $24,710.58
B) $25,396.77
C) $25,292.81
D) $25,306.77
E) $25,302.57

Question

Quizplus · Accepted Answer

The maturity value can be calculated using the formula for simple interest: Maturity Value = Principal + (Principal * Rate * Time). Here, the principal is $25,000, the rate is 4.75% per annum, and the time is 90/365 years. The calculation gives $25,292.81.

What Will Be the Maturity Value of $25,000 Placed in a 90-Day