On july 7, university bank lent $560,000 to jazz music shop on a 60 day, 7% note. what is the maturity value of the note? (use a 360-day year and round answers to the nearest dollar.)

The maturity value of the note is $5,66,533.

We can arrive at the answer with the steps below:

The formula we use to calculate Maturity Value is:

In this question,

Principal = $560,000

Interest = 7% per year

Time period = 60 days.

Number of days in a year = 360 days (given in the question).

Substituting the value of the time period calculated above in the Maturity Value formula we have:

Maturity Value = $560,000 × (1+(0.07×60/360))

Maturity Value = $560,000 × (1+(0.07×1/6))

Maturity Value = $560,000 × 1.011666667

Maturity Value = $566533.3333

answer2/345y

explanation:

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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