The maturity value of a $53,000 note at 9% for 5 months is: (Round your final answer to the nearest dollar.)

Question

Quizplus · Accepted Answer

The maturity value is calculated using the formula: Principal + (Principal x Rate x Time). Here, the principal is $53,000, the rate is 9% per annum, and the time is 5/12 of a year. The interest is $53,000 x 0.09 x (5/12) = $1,988. Therefore, the maturity value is $53,000 + $1,988 = $54,988.

The Maturity Value of a $53,000 Note at 9% for 5