Question

You invested in a 90 day CD from Citizens Bank on 3/31/17. It had a stated...

You invested in a 90 day CD from Citizens Bank on 3/31/17. It had a stated interest rate of 3.6%, and you invested $200,000 in the CD.

(a)       Calculate the payment due at maturity. 20 points

           

  

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Answer #1
Payment due at maturity =
Investment value in CD = $              2,00,000.00
Add: Interest @ 3.6% for 90 Days $                    1,775.34
(Interest Amt = $ 200,000 X 3.6% X 90/365 )
Total $              2,01,775.34
Answer = Payment due at maturity = $              2,01,775.34
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