The maturity date during a leap year for a 95-day note dated February 2 is:
A) May 8.
B) May 6.
C) May 7.
D) May 5.

Question

Quizplus · Accepted Answer

To calculate the maturity date of a 95-day note dated February 2 during a leap year, we start by recognizing that February has 29 days in a leap year. From February 2, there are 28 days left in February. This leaves 67 days (95 - 28) to be counted from March 1. March and April have 31 and 30 days, respectively, totaling 61 days. This leaves 6 days into May, so the maturity date is May 7.

The Maturity Date During a Leap Year for a 95-Day