A 180 day $3 million CD has a 4.25% annual rate quote. If you buy the CD, how much will you collect in 180 days?
A) $3,047,439
B) $3,045.678
C) $3,062,877
D) $3,063,750
E) $3,127,500 $3 million * [1 + (0.0425 *180/360) ]
Correct Answer:
Verified
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