a. What will be the maturity value of $15,000 placed in a 120-day term deposit paying an

Question:

a. What will be the maturity value of $15,000 placed in a 120-day term deposit paying an interest rate of 2.25%?
b. If, on the maturity date, the combined principal and interest are“ rolled over” into a 90-day term deposit paying 2.15%, what amount will the depositor receive when the second term deposit matures?

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