Sumer Put $10,000 in a 3-Month Term Deposit at TD

question 266

Short Answer

Sumer put $10,000 in a 3-month term deposit at TD Canada Trust, earning a simple interest rate of 3.9% pa. After the 3 months, she invested the entire amount of the principal and interest from the first term deposit in a new 3-month term deposit earning the same rate of interest. How much interest did she earn on each term deposit? Why are the two interest amounts not equal?

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External Benefits

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Property Rights

Legal rights that delineate the ownership and use of property, including rights to use, sell, rent, mortgage, transfer, and destroy the property.

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The additional cost incurred by producing one more unit of a product or service, crucial for decision-making in economics and business.

Property Rights

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