Negotiable certificate of deposit

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Assume that you purchase a $3 million Negotiable Certificate of Deposit (NCD) issued by the Abilene National Bank. When the NCD was originally issued it had a maturity of 180 days and offered a quoted annual rate of 4.25 percent.

At the time you purchased the NCD it has 79 days left to maturity. When you redeem the NCD in 79 days, how much will you collect from the bank?

Reference no: EM132607896


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