A document stating that the bank will pay the depositor a guaranteed interest rate for money left on deposit for a specified period of time is a(n)
A) certificate of deposit.
B) check.
C) line of credit.
D) revolving credit agreement.
E) electronic funds transfer.

Question

Quizplus · Accepted Answer

A certificate of deposit is a document from the bank that guarantees a fixed interest rate for a specified period of time for money left on deposit. This allows the depositor to earn a higher rate of return on their savings than they would with a regular savings account.

A Document Stating That the Bank Will Pay the Depositor