Solve the Problem

question 47

Multiple Choice

Solve the problem. Round dollar amounts to the nearest cent. Use 360 days.
-HarbourTown Marina purchased four boat lifts for raising and lowering large boats into the water. The boat lifts cost $61,300 each. They borrowed the money from the bank for 240 days at 10%. Find the maturity value.

• A) $65,386.67
• B) $261,546.67
• C) $67,430.00
• D) $269,720.00