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A Certificate of Deposit Is an Instrument Containing an Acknowledgement

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A certificate of deposit is an instrument containing an acknowledgement by a bank that it has received a deposit of money and a promise by the bank to repay the sum of money.


Definitions:

Income

The money received by an individual or entity in return for their labor, from transfers, or from investments.

Middle Three Quintiles

The middle three quintiles refer to the middle segments of a population when it is divided into five equal parts based on income or wealth, often used to represent the middle class.

Income Received

The total earnings obtained by individuals or entities, typically through employment, investments, or other sources, during a specified period.

Lower Two Quintiles

Refers to the bottom 40% of a population when it is divided into five equal groups according to income levels.

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