Shad Corporation purchases a 60-day negotiable CD with a $5 million denomination from Bait Bank and Trust,

Question:

Shad purchases a 60-day negotiable CD with a $5 million denomination from Bait Bank and Trust, bearing a 2.95 percent annual yield. How much in interest will the bank have to pay when this CD matures? What amount in total will the bank have to pay back to Shad at the end of 60 days?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...