Asked by Ashley Egeland on May 31, 2024
Verified
Marika earned $40.07 interest at 2.5% on $5,000 invested on April 7. On what date did her investment mature?
Invested
Refers to the allocation of resources, often money, in expectation of generating an income or profit.
Mature
To reach a full or the intended status, particularly in the context of financial instruments achieving their full value.
April
The fourth month of the year in the Gregorian calendar, typically consisting of 30 days.
- Determine the principal amounts using the earnings from interest over the time of investment.
Verified Answer
ML
Learning Objectives
- Determine the principal amounts using the earnings from interest over the time of investment.