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I got the exact time right. I got interest to be 42.90 and maturity value to be 1542.90 and it says both of those are
I got the exact time right. I got interest to be 42.90 and maturity value to be 1542.90 and it says both of those are wrong. I have followed the steps given to me from two different sources and not sure what I am doing wrong. I did Principal*Rate*Time which was 1500*.06*174/365 and got 42.90
Drill Problem 10-6 (Algo) [LU 10-1 (2)] Complete the following using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value to the nearest cent.) Interest Maturity value Principal $ 1,500 Interest rate 6% Date borrowed July 25 Date repaid Jan. 15 Exact time 174Step by Step Solution
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