Answered: How much must be placed in a two-month…

How much must be placed in a two-month term deposit earning 4.8% in order to earn $275 interest? Group of answer choices $34,375.00 $53,333.33 $23,333.33 $12,500.00 $5729.17

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 15P

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Question

How much must be placed in a two-month term deposit earning 4.8% in order to earn $275 interest? Group of answer choices $34,375.00 $53,333.33 $23,333.33 $12,500.00 $5729.17

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