Asked by Caley Sample on May 11, 2024
Verified
The maturity value of an investment earning 7.7% per annum for a 360-day term was $2291.01. What amount was originally invested?
Per Annum
Annually or per year, often used to describe rates or amounts calculated over the span of a year.
Maturity Value
The total amount that will be paid to an investor at the end of a fixed-term investment, including the principal and interest.
- Evaluate the completion value of investments and loans by employing simple interest rates.
- Compute the amount of interest accrued from term deposits and savings accounts.
Verified Answer
KM
Learning Objectives
- Evaluate the completion value of investments and loans by employing simple interest rates.
- Compute the amount of interest accrued from term deposits and savings accounts.