Question

Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)

Answer 1

Answer:

F=P(1+i)^n

n=10

i-0.0.9

P=$25000

F=25000(1+0.09)^10

F=$59184.09