An "acknowledgment by a bank" that it has received money from a customer with a promise by the bank that it will repay the money received at a date speciﬁed or,in some instances,on demand is a:

Question

Quizplus · Accepted Answer

A certificate of deposit is a document issued by a bank to a customer who deposits money for a specific period of time, usually ranging from 30 days to five years. The bank guarantees to pay back the deposit along with interest at the end of the period. It is a type of investment product that pays a fixed interest rate, generally higher than a savings account, in exchange for locking in the funds for a set time period. This type of certificate provides a secure investment for individuals looking to earn a return on their savings over a fixed period of time. Therefore, A) certificate of deposit is the right choice.

An "Acknowledgment by a Bank" That It Has Received Money