Answered: Find the amount owed on an investment…

Find the amount owed on an investment of $10,000 into a money market account that pays a simple interest rate of 1.75% over a 39 wk period

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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Question

Find the amount owed on an investment of $10,000 into a money market account that pays a simple interest rate of 1.75% over a 39 wk period

Definition Definition Financial market that deals in securities or assets that are short-term in nature. The money market is responsible for keeping up the liquidity of the businesses and the organizations. These securities are usually held for a period of 12 months or less and are issued by institutions that require cash or funds for their short-term cash flow requirements. The money market is regulated by the federal government.

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