You have $240,000. You deposit half in a branch of the Royal Bank and half in a branch of TD Canada Trust. There is a great depression, and both the Royal Bank and TD Canada Trust are unable to pay their depositors
Fortunately, the Canada Deposit Insurance Company still has sufficient funds to pay its insured. Which of the following is TRUE?
A) The $120,000 you deposited in each institution is insured and CDIC will pay you $240,000
B) CDIC will only pay you for money if it was deposited in a savings accounts at both banks but not money that was in chequing accounts
C)CDIC will pay you $100,000 for the deposit in the Royal Bank
D) CDIC will pay you $100,000 for the deposit in TD Canada Trust
E) Both C and D
E
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The interest charged on a $200,000 note payable, at the rate of 6% (assuming a 360 day year), on a 60-day note would be
A. $12,000 B. $6,000 C. $3,000 D. 2000
A handbag retailer plans to sell $40,000 worth of handbags in January. Planned reductions are $2,000 . Planned inventory for January 1st is $70,000 and planned inventory for January 31st is $60,000
As of January 8th, the retailer has ordered $6,000 worth of handbags for January delivery. What is the open-to-buy for the rest of the month? a. $26,000 b. $32,000 c. $36,000 d. $52,000