Answer:
$ 29,247.33
Step-by-step explanation:
Calculate the Interest First:
Simple Interest (SI) = Principal (P) x Rate (R) x Time (T)
P = $28,500
R = 8% or .08
T = 118 days
SI = 28,500 x .08 x 118/360
I = $747.33
Calculate Maturity Value:
Maturity Value (MV) = Principal (P) + Interest (I)
MV= 28,500 + 747.33 = $29,247.33
