Asked by Jennifer Darce on May 31, 2024
Verified
Cecille placed $17,000 in a 270-day term deposit earning 4.25%. How much will the bank pay Cecille on the maturity date?
Term Deposit
A type of bank deposit that has a fixed term and typically offers a higher interest rate than a regular savings account, where withdrawing funds before the term ends may result in penalties.
- Comprehend the process of determining maturity values and calculating payments for fixed-term loans or deposits with specific interest rates.
Verified Answer
BR
Learning Objectives
- Comprehend the process of determining maturity values and calculating payments for fixed-term loans or deposits with specific interest rates.