a(n. _____ is a written acknowledgment by a bank that it has received money and agrees to repay it at the specified time.

Question

Quizplus · Accepted Answer

A certificate of deposit is a time deposit offered by banks where the depositor agrees to keep the funds deposited for a specified period of time, during which they cannot withdraw the funds. In return, the bank issues a written acknowledgment, in the form of a certificate of deposit, which states the amount deposited, the interest rate, and the date of maturity. The depositor can redeem the certificate of deposit at maturity and receive the principal plus interest.

A(n _____ Is a Written Acknowledgment by a Bank That