Answer:
b. $768,450
Explanation:
In order to compute the cash received from the bank first we have to find out the maturity value that is shown below:
= $750,000 + $750,000 × 9%
= $750,000 + $67,500
= $817,500
Now the amount received from the bank is
= Maturity amount - Maturity amount × effective interest rate × given months ÷ total number of months in a year
= $817,500 - $817,500 × 12% × 6 months ÷ 12 months
= $817,500 - $49,050
= $768,450
