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1. Itec Corporation purchases a 45-day negotiable CD with a $5 million denomination from Payson Guaranty Bank and Trust, bearing a 6.75 percent annual yield.

1. Itec Corporation purchases a 45-day negotiable CD with a $5 million denomination from Payson Guaranty Bank and Trust, bearing a 6.75 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 Itec at the end of 45 days? (5pts)

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