Penny Invested $4,500 on October 28 at a Floating Rate

question 94

Short Answer

Penny invested $4,500 on October 28 at a floating rate of interest that initially stood at 6.3%. Effective December 2, the rate dropped by ½% and then it declined another ¼% effective February 27. What total amount of principal plus interest will Penny receive when the investment matures on March 15? Assume that the new year is a leap year.

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Definitions:

Personality Traits

Enduring characteristics or dispositions that influence behavior across situations, such as openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Behavior Patterns

Repeated sequences of actions that are characteristic to an individual or group.

Self-Concept

Self-concept is an individual's understanding of themselves, encompassing beliefs, feelings, and perceptions about their identity and personal attributes.

Self-Esteem

An individual's subjective evaluation of their own worth and capabilities.