Final answer:
The maturity date of a 90-day note dated May 14 is calculated by adding 90 days to May 14 without considering leap years, resulting in the date August 12th. Therefore, the correct answer is b. August 12.
Step-by-step explanation:
The question asks us to find the maturity date of a 90-day note dated May 14. To calculate the maturity date, we add 90 days to the starting date. If we are not accounting for leap years, we simply count the days on the calendar from May 14. May has 31 days, so starting from May 14, there are 17 days left in May. June and July, which both have 30 and 31 days respectively, add up to 61 days when combined with the remaining days in May (31 + 30 + 17 = 78 days). We need to add 12 more days because 90 - 78 = 12, which takes us into August.
By counting out the additional days into August, the 90th day from May 14 will land on August 12th. Therefore, the correct answer is b. August 12.
The maturity date of a 90-day note dated May 14 is August 12.
The maturity date of a 90-day note can be calculated by adding 90 days to the date of issue. In this case, the note is dated May 14, so the maturity date will be 90 days later, which is August 12. Therefore, the correct answer is option b. August 12.