Calculate the maturity value of a 300-day, $6,000 term deposit earning 5.15%.
A) $5,756.34
B) $6,253.97
C) $6,309.00
D) $6,111.78
E) $7,021.99

Question

Quizplus · Accepted Answer

The maturity value of a term deposit can be calculated using the formula: Maturity Value = Principal * (1 + (rate * (days / 365))). For a $6,000 deposit at 5.15% for 300 days, it would be $6,000 * (1 + (0.0515 * (300 / 365))) = $6,253.97.

Calculate the Maturity Value of a 300-Day, $6,000 Term Deposit