On June 26 Laura Put $2,750 into a Term Deposit

question 143

Short Answer

On June 26 Laura put $2,750 into a term deposit until September 3, when she needs the money for tuition, books, and other expenses to return to college. For term deposits in the 60-89-day range, her credit union pays an interest rate of 4.25%. How much interest will she earn on the term deposit?

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Definitions:

Deficit Balance

A situation where liabilities exceed assets in accounting, indicating a negative balance.

Predistribution Plan

A strategy aimed at addressing income inequality through policy measures affecting the market distribution of income before taxes and transfers, rather than by adjusting after-tax incomes.

Financial Report

A formal record of the financial activities and position of a business, individual, or other entity over a period.

Liquidation

The process of closing a business and distributing its assets to claimants, typically after a company is unable to meet its financial obligations.