Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 6, Problem 11AA
To determine
To analyze: The reasons for which CD (certificate deposit) is known as time deposit.
Expert Solution & Answer
Explanation of Solution
A time deposit is a bank account carrying interest that has a pre-set maturity date.
A certificate of deposit is a special kind of savings account. A person deposits cash into the account and decides for a certain period of time not to make any withdrawals. He / she get cash at the end of the period, plus anything gained back in interest. Since, money in certificate deposit is kept for a specific period of time; therefore, it is called as time deposit.
Chapter 6 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 6.1 - Prob. 1RCh. 6.1 - Prob. 2RCh. 6.1 - Prob. 3RCh. 6.1 - Prob. 4RCh. 6.1 - Prob. 5RCh. 6.1 - Prob. 6RCh. 6.2 - Prob. 1RCh. 6.2 - Prob. 2RCh. 6.2 - Prob. 3RCh. 6.2 - Prob. 4R
Ch. 6.3 - Prob. 1RCh. 6.3 - Prob. 2RCh. 6.3 - Prob. 3RCh. 6.3 - Prob. 4RCh. 6.3 - Prob. 5RCh. 6 - Prob. 1AACh. 6 - Prob. 2AACh. 6 - Prob. 3AACh. 6 - Prob. 4AACh. 6 - Prob. 5AACh. 6 - Prob. 6AACh. 6 - Prob. 7AACh. 6 - Prob. 8AACh. 6 - Prob. 9AACh. 6 - Prob. 10AACh. 6 - Prob. 11AACh. 6 - Prob. 12AACh. 6 - Prob. 13AACh. 6 - Prob. 14AACh. 6 - Prob. 15AACh. 6 - Prob. 16AACh. 6 - Prob. 17AACh. 6 - Prob. 18AACh. 6 - Prob. 19AACh. 6 - Prob. 20AACh. 6 - Prob. 21AACh. 6 - Prob. 22AACh. 6 - Prob. 23AACh. 6 - Prob. 24AACh. 6 - Prob. 25AACh. 6 - Prob. 26AA
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