Find the Maturity Date and Proceeds

question 106

Multiple Choice

Find the maturity date and proceeds. Round to the nearest cent.
-Face value: $8,207 Discount rate: 12%
Date made: June 28
Time: 90 days
Maturity date: Proceeds:

• A)Maturity date: September 28 Proceeds: $5,778.63
• B)Maturity date: September 28 Proceeds: $7,960.79
• C)Maturity date: September 26 Proceeds: $5,778.63
• D)Maturity date: September 26 Proceeds: $7,960.79

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Definitions:

Reaction

A reaction is a process in chemistry where one or more substances, the reactants, undergo a transformation to form one or more different substances, the products.

Product Concentration

The amount of a substance per defined space; typically refers to the amount of a reactant or product in a solution or reaction mixture.

Hemoglobin

An iron-containing protein in red blood cells that transports oxygen from the lungs to the tissues of the body.