The maturity value for a $6500,88-day note at 9% interest is $153.

Name: The maturity value for a $6500,88-day note at 9% interest is $153.
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Question

Quizplus · Accepted Answer

To calculate the maturity value, we can use the formula:

Maturity value = Principal + (Principal x Rate x Time)

Plugging in the values given, we get:

Maturity value = $6500 + ($6500 x 0.09 x (88/365)) = $6666.71

Therefore, the statement is false.

The Maturity Value for a $6500,88-Day Note at 9% Interest