Final answer:
The question is about the difference in maturity between a 3-month note and a 90-day note, with the former landing on the same numerical day three months later, and the latter being exactly 90 days later. The example given connects to approximation, showing how rough estimates (√10 ~ 3 leading to $30/day for a month yields roughly $1000) are sometimes practical for planning purposes.
Step-by-step explanation:
The essence of the student's question is about understanding the difference between calendar months and days when computing the maturity date of notes. A 3-month note matured on a date that corresponds to the same numerical day three months ahead of the start date, hence a note dated on April 10 would mature on July 10.
However, a 90-day note matures exactly 90 days after the start date, and since not all months have the same number of days, it may not correspond to the same numerical day of the month, hence a note dated on April 10 would mature on July 9.
To bring some practical context through an example, if you consider the square root of 10 to be approximately 3 (√10 ~ 3), you estimate that in a month, if you are paid $30 per day, you will receive close to $1,000. This estimation method simplifies complex calculations and allows for making reasonable plans based on approximations rather than exact numbers.