Using a 365-Day Year, the Maturity Value of a 55-Day

question 59

Multiple Choice

Using a 365-day year, the maturity value of a 55-day, 6% note for $22,000 rounded to the nearest cent is: (Do not round any intermediary calculations. Round your final answer to the nearest cent.)

• A)$22,000.00.
• B)$22,198.90.
• C)$21,801.10.
• D)$23,320.00.

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Definitions:

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The exchange of goods, services, or both between parties, either within a country or between countries, often for money.

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