Judith Received the Proceeds from an Inheritance on March 25

question 77

Short Answer

Judith received the proceeds from an inheritance on March 25. She wants to set aside enough on March 26 so that she will have $20,000 available on October 1 to purchase a car when the new models are introduced. If the current interest rate on 181 to 270-day term deposits is 3.75%, what amount should she place in the term deposit?

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