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13 January, 05:06

Gwen deposits $5,000 with Home Bank on July 1, 2018. Home Bank promises to repay Gwen the $5,000 plus 1 percent annual interest on July 1, 2023. Home Bank has issued Gwen

a. a certificate of deposit.

b. a check.

c. a nonnegotiable instrument.

d. a trade acceptance

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Answers (2)
  1. 13 January, 05:17
    0
    a. a certificate of deposit.

    Explanation:

    Gwen deposits $5,000 with Home Bank on July 1, 2018. Home Bank promises to repay Gwen the $5,000 plus 1 percent annual interest on July 1, 2023. Home Bank has issued Gwen a certificate of deposit.
  2. 13 January, 05:35
    0
    certificate of deposit

    Explanation:

    A certificate of deposit (CD) is a financial instrument sold by banks

    The bank gives this CD to Gwen. She cannot withdraw the cash until July 1, 2023

    The certificate of deposit are risk-free investment. The difference with savings account is that a certificate of deposit has a fixed term and fixed interest rate and it is create with the idea of holding the title until maturity. Not doing so, may inccur in penalties so a portion of the interest will be negate.

    As this is a financial instrument, the bank issued a title to the investor to recognize his investment.
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Home » Business » Gwen deposits $5,000 with Home Bank on July 1, 2018. Home Bank promises to repay Gwen the $5,000 plus 1 percent annual interest on July 1, 2023. Home Bank has issued Gwen a. a certificate of deposit. b. a check. c. a nonnegotiable instrument. d.
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