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1.2 Commerzbank pays 5.60%, compounded daily (based on 360 days), on a 9-month certificate (270 days) of deposit. If you deposit $20,000 you would expect

1.2 Commerzbank pays 5.60%, compounded daily (based on 360 days), on a 9-month certificate (270 days) of deposit. If you deposit $20,000 you would expect to earn around in interest. (5 points)

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