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A 60-day, 15% note for $16,000, dated May 1, is received from a customer on account. Assuming a 360-day year, the maturity value of the

A 60-day, 15% note for $16,000, dated May 1, is received from a customer on account. Assuming a 360-day year, the maturity value of the note is

a. $16,400. b. $15,960. c. $16,000. d. $1,400.

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