Table 24-11

question 459

Multiple Choice

Table 24-11. Megan's salary for three consecutive years, along with other values, is presented in the table below.
-Refer to Table 24-11. The nominal interest rate for 2012 is

• A)0.93 percent.
• B)6.70 percent.
• C)4.44 percent.
• D)4.47 percent.

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Definitions:

Drawer

The person who writes or issues a check, draft, or bill of exchange, thereby creating an obligation to pay.

Payee

The individual or entity to whom money is payable, typically the recipient of a check or electronic payment.

Demand Instrument

A financial document, like a check or promissory note, that is payable on demand or presentation.

Time Instrument

A financial document that specifies payment to be made at a future date.