How much money would you receive

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A bank offers you a seven-month certificate of deposit (CD) at a 7.06 percent annual rate that would provide a 7.25 percent effective annual yield.

For the seven-month CD, is interest being compounded daily, weekly, monthly, or quarterly? And, by the way, having invested $10,000 in this CD, how much money would you receive when your CD matures in seven months?

That is, what size check would the bank give you if you closed your account at the end of seven months?

Reference no: EM131168956

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