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Stephen Thublin invests $1,000,000 in a 45-day certificate of deposit with 6.55% interest. What is the total interest income from the investment?
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Stephen Thublin invests $1,000,000 in a 45-day certificate of deposit with 6.55% interest. What is the total interest income from the investment?

User Nissaba
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1 Answer

4 votes

Answer:

$8187

The CD has a rate of 6.55%. This rate is always annual. then, the interest paid for a year is $65.500. (360 days)

As the CD has a term of 45 days only the final interest paid is $8187

User Husain Basrawala
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