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A company receives a 6
A company receives a 6.2%, 60-day note for $9,650. The total amount of cash due on the maturity due is:
a. $598.30
b. $99.72
c. $9,650.00
d. $10,248.30
e. $9,749.72
Expert Solution
Answer:
e . $ 9,749.72
Step-by-Step explanation
Correct answer is "E".
Given information:
Present value = $9,650
Number of days = 60 days
Interest = 6.2%
Calculations are:
Maturity due = $9,650 [1 + 0.062 * (60/365)]
= $9,650 [1 + 0.01019]
= $9,650 [1.01019]
= $9,748.35
Therefore, the maturity value is $9,749 (rounded).
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