Bailyn Motors, Inc., receives a one-year note that carries a 1 2 percent annual interest rate on
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Bailyn Motors, Inc., receives a one-year note that carries a 1 2 percent annual interest rate on S 1 ,500 for the sale of a used car. Compute the maturity value under each of the fol- lowing assumptions: (1) Simple interest is charged. (2) The interest is compounded semiannually. (3) The interest is compounded quarterly. (4) The interest is compounded monthly. SE-8
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