Question
In: Accounting
The maturity value of a $55,000 note at 11% for 5 months is: (Round your final...
The maturity value of a $55,000 note at 11% for 5 months is: (Round your final answer to the nearest dollar.)
A.$57,521.
B.$61,050.
C.$55,000.
D.$58,025.
Solutions
Expert Solution
| Correct Option A i.e. $57521 |
| Maturity Value = Face value + Interest |
| = Face Value + ((Face Value * Rate of Interest )* No. of Months / 12) |
| =55000 + (( 55000*11%)*5/12) |
| 57,521 |
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