The interest rate on a certificate of deposit (CD) is generally quoted using a 360-day year, which is a common practice in financial markets for simplicity. This approach standardizes interest calculations for banks and financial institutions, even though an actual... Read More
The interest rate on a certificate of deposit (CD) is generally quoted using a 360-day year, which is a common practice in financial markets for simplicity. This approach standardizes interest calculations for banks and financial institutions, even though an actual year has 365 days.
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