At the Beginning of 2010,Mary Purchased a 3-Year Certificate of Deposit

question 105

True/False

At the beginning of 2010,Mary purchased a 3-year certificate of deposit (CD)for $8,760.The maturity value of the certificate was $10,000 and it was to yield 4.5%.She also purchased a Series EE bond for $6,400 with a maturity value in 10 years of $10,000.Mary must recognize income from the certificate of deposit each year,2010-2012,and $3,600 from the Series EE bonds in 2019.

---

Definitions:

National Debt

The cumulative sum of funds borrowed by a nation's government, usually due to spending more than it earns.

Budget Deficits

The situation where a government's expenditures exceed its revenues in a given fiscal period, leading to borrowing or printing of money.

National Debt

The all-encompassing volume of money borrowed by a nation's government through different strategies.

Recession

A stretch of momentary economic regression, with a downturn in industrial and trade operations, generally pinpointed by a GDP fall in two sequential quarters.