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Definitions
Provide clear, concise answers for the following:
-What is a periodic inventory system?
Accrued Interest
Interest that has accumulated but remains unpaid.
360-Day Year
A financial convention that simplifies interest calculation by assuming a year has 360 days.
Commission
A fee paid for services, usually a percentage of the total cost.
Current Yield
The annual interest income of a bond, calculated by dividing the annual interest by the current purchase price.
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