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babunello [35]
3 years ago
14

A 180-day $3 million CD has a 4.25 percent annual rate quote. If you buy the CD, how much will you collect in 180 days?

Business
1 answer:
Katarina [22]3 years ago
8 0

Answer:

$3,063,750

Explanation:

A 180 day $3,000,000 CD

Annual rate = 4.25%

Collection in 180 days = ?

$3,000,000 * 4.25% * 180/360

= $3,000,000 *  0.02125

= $63,750

Total amount to collect after 180 days = $3,000,000 + $63,750

Total amount to collect after 180 days = $3,063,750

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Answer:

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Answer:

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Explanation:

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