Monica purchased a government-guaranteed short-term investment for $4965.50 maturing on May 5, 2020. On what date did

Question:

Monica purchased a government-guaranteed short-term investment for $4965.50 maturing on May 5, 2020. On what date did Monica pay for the investment if she will receive $5000 on the maturity date and interest is 2.45%?
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0134141084

11th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

Question Posted: