Maurice purchased a $10,000, 90-day CD that pays 8 percent. How much will Maurice receive when the CD matures? (Round answer to the nearest dollar.)
A) $10,800
B) $10,197
C) $10,200
D) $10,267
Answer: B
Explanation: B) $10,000 + ($10,000 × 0.08 × 90/365) = $10,197
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