The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and theamount of interest earned by the following deposit.$4000 at 1.07% compounded semianually for 3 years.The compound amount is $.(Do not round until the final answer. Then round to the nearest cent as needed.)

A Certificate of Deposit refers to a time deposit that provides the holder with fixed interest for a…

Answered: The following certificate of deposit…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 3P

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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $3000 at 5.7% compounded quarterly for 5 years. What is the compound amount?
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You have a 2-year certificte of deposit in the bank. It is paying 6% annual interest, compounded monthly. At the end of the term, your account value is $880.30. What was the initial balance of the account? Please explain using the equation in the given image, not Excel. Thank you.
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The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest eamed by the following deposit. $4000 at 1.07% compounded semianually for 3 years.