What Is the Future Value of $810 Invested at 6 $\$ 821.21$

question 60

Multiple Choice

What is the future value of $810 invested at 6% simple interest for 83 days? Assume ordinary interest; that is, use 360 for the number of days in a year.

• A) \(\$ 821.21\)
• B) \(\$ 1,930.50\)
• C) \(\$ 4,843.80\)
• D) \(\$ 11.21\)
• E) \(\$ 1,120.50\)

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Definitions:

XYZ Corporation

A hypothetical or placeholder name often used to represent a generic, unspecified company or entity in discussions or examples.

Negotiable Instrument

A written promise or order to pay a specific sum of money that can be transferred to another holder.

Indorser

The person who signs and transfers a negotiable instrument, such as a check or promissory note, to another party.

Secondary Liability

The legal obligation to pay a debt if the primary obligor defaults, usually applied in cosigning contexts.