What Is the Future Value of $840 Invested at 6

question 244

Short Answer

What is the future value of $840 invested at 6% simple interest for 95 days?
Assume ordinary interest; that is, use 360 for the number of days in a year.
Round your answer to the nearest cent.
$ __________

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Definitions:

Condition Precedent

A condition in a contract that must be met before a party's promise becomes enforceable.

Parol Evidence Rule

A legal principle that prevents parties to a written contract from presenting extrinsic evidence of terms that contradict or modify the written terms of the contract.

Obligor

A person or entity legally bound to provide a benefit or payment to another under the terms of a contract.

Statute of Frauds

A rule of law stipulating that specific kinds of agreements must be documented and signed in order to be legally binding.