[Solved] : Question 127513

1.     The interest rate used on funds deposited in a bank is determined by the amount of time the money is left on deposit. For a particular bank, the following schedule is used:

Time on deposit

Interest rate

Greater than or equal to 5 years

0.0475

Less than 5 years but greater than or equal to 4 years

0.045

Less than 4 years but greater than or equal to 3 years

0.040

Less than 3 years but greater than or equal to 2 years

0.035

Less than 2 years but greater than or equal to 1 year

0.030

Less than 1 year

0.025


Expert Answer


Answer to : Question 127513

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