Solve the Problem

question 97

Multiple Choice

Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated.
-Frank borrowed $85,633 from the bank at 9.4% for 170 days to expand his bike shop. Find the maturity value.

• A)$89,487.69
• B)$89,434.15
• C)$89,161.55
• D)$89,602.62

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Definitions:

Igneous

Pertaining to rock formed from the cooling and solidification of magma or lava, distinguished by minerals crystallized from molten material.

Oceanic Islands

Islands that are formed by volcanic activity in the ocean and are not located on continental shelves, often featuring unique ecosystems.

Partially Melted Rock

Rock that has undergone partial melting, often found in the Earth's mantle, leading to magmatic differentiation and volcanic activity.

Earth's Mantle

The part of the earth's interior between the crust and the outer core, composed of silicate rocks that are rich in magnesium and iron.