Question $1(1$ point$)$

Calculate the nominal annual rate of interest compounded monthly if $$1200$ accumulates to $$1618\mathrm{.}62$ in five years.

a $2\%$

b $,\frac{4}{5}$

$56$

d $640$On August $2,$ Forex Co$.$ receives a $$8,000,120-$day, $12\%$ note from customer Roy John as payment on his $$8,000$ account receivable.

$(1)$ Compute the maturity date for this note.

$(2)$ Prepare Forex's journal entry for August $3.$

$(3)$ Prepare Forex's journal entry assuming the note is honoured by the customer on maturity date of that same year.