Question
If I place 1,000,000 on deposit on Thursday 14th April (2011) for 1 week at a rate of 4.00%, what interest do I receive at
If I place 1,000,000 on deposit on Thursday 14th April (2011) for 1 week at a rate of 4.00%, what interest do I receive at maturity? Assume interest is calculated on an ACT/360 basis and that the following business day convention is used. The 24th. April is a holiday as are 22nd and 25th April. Settlement is T+2.
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Financial Accounting International Edition
Authors: Jeffrey Waybright, Robert Kemp
1st Edition
0137067798, 978-0137067794
