Using a 365-Day Year, the Maturity Value of a 180-Day

question 81

Multiple Choice

Using a 365-day year, the maturity value of a 180-day note for $2,700 at 9% annual interest is (rounded to the nearest cent) :

• A) $2,943.00.
• B) $2,821.50.
• C) $2,819.84.
• D) $119.84.
• E) $2,891.84

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Definitions:

Evaporated

The process by which water changes from a liquid to a vapor or gas due to heat without reaching boiling point.

Desert-like Environment

Areas characterized by dry conditions, sparse vegetation, and high temperatures, resembling a desert ecosystem.

Wind-blown Sands

Sands transported and deposited by the wind, often forming dunes in deserts and coastal regions.

Oldest Unit

In geology, this refers to the earliest-formed rock or stratum in a sequence, indicating the beginning of the geological history of an area.