Final answer:
The maturity value of a $40,000, 9%, 40-day note receivable is $40,400. This is calculated by adding the interest earned over the 40 days to the principal amount.
Step-by-step explanation:
The calculation of the maturity value of a note receivable. In this case, we're looking at a $40,000, 9%, 40-day note. To calculate the maturity value, we need to determine the interest earned over the period and add it to the principal amount of the note. The interest can be calculated using the formula: Interest = Principal × Rate × (Time / 360), where 'Time' is the number of days the note is in effect.
Let's use this formula to calculate the interest: Interest = $40,000 × 9% × (40 / 360) = $400. Adding this to the principal, the maturity value is $40,000 + $400 = $40,400.