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 (CD) is a type of time deposit offered by banks in which the customer deposits a certain amount of money for a specified period of time and receives a higher interest rate than a regular savings account. The bank acknowledges receipt of the money and promises to repay the principal and interest at the end of the term. This description matches the given scenario, making choice A the best answer. The other options do not accurately describe this situation.

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