Ask Question
BusinessBusiness
29 October, 14:53

John needs $3,000. He is withdrawing the money today from a $3,000 certificate of deposit (CD) which will reach maturity in six months. It is likely that he will have to

+1
Answers (1)
  1. 29 October, 17:55
    0
    pay the bank an early withdrawal penalty.

    Explanation:

    Depending on the bank, now long was the original CD and the amount of money, the penalties may a include a certain percentage of the total amount, not earn any interest, or some other type of fee.

    Banks do this to encourage depositors to leave the money the longest possible time in the bank. Sometimes banks will give their clients a small bonus interest for renewing CDs.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “John needs $3,000. He is withdrawing the money today from a $3,000 certificate of deposit (CD) which will reach maturity in six months. It ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2012: April May June Credit Sales $547,200 $570,240 $630,720 Credit Purchases 211,680 252,720 288,710 Cash Disbursements Wages, other expenses
Answers (1)
You decided to charge $100 for your new computer game, but people are not buying it. What could you do to encourage people to buy your game?
Answers (1)
Social media measurements are meaningless if: a. they consider investment per fan and follower. b. they are not tied to key performance indicators. c. they do not focus on return on investment. d. they consider the rate of accumulation.
Answers (1)
Which economic policy was most successful during the Great Depression?
Answers (1)
Monopolistic competition exists when there is one large firm in an otherwise perfectly competitive market. True or False?
Answers (1)
New Questions in Business
The following data is available for Blaine Corporation at December 31, 2012: Common stock, par $10 (authorized 25,000 shares) $200,000 Treasury Stock (at cost $15 per share) 900 Based on the data, how many shares of common stock are a) outstanding,
Answers (1)
Which activity is not the responsibility of IT service continuity management? A. Drawing up back-out scenarios B. Analyzing risks C. Testing back-out arrangements D. Executing impact analyses of incidents related to the back-out facilities
Answers (1)
How much would $10 in american money be worth in india's currency?
Answers (1)
Your complete portfolio is worth a total of $1000 and can be formed out of 2 assets: a risk free asset that has a rate of return of 5% and a risky portfolio with an expected return of 8%.
Answers (1)
Which type of business ownership represents a hybrid between a partnership and corporation by allowing up to 100 shareholders without double taxation? 1) limited liability company 2) limited liability partnership 3) s-corporation 4) franchise
Answers (1)
Home » Business » John needs $3,000. He is withdrawing the money today from a $3,000 certificate of deposit (CD) which will reach maturity in six months. It is likely that he will have to
Sign Up Forgot Password?