Question: a . What will be the maturity value of $ 1 5 , 0 0 0 placed in a 1 2 0 - day term

a. What will be the maturity value of $15,000 placed in a 120-day term deposit paying an interest rate of 2.25%?(Do not round intermediate calculations and round your final answer to 2 decimal places.)
Maturity value
b. If, on the maturity date, the combined principal and interest are "rolled over" into a 90-day term deposit paying 2.15%, what amount will the depositor receive when the second term deposit matures? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Maturity value
 a. What will be the maturity value of $15,000 placed in

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!