Multiple Choice
A city invests $500,000 of its idle General Fund cash in a certificate of deposit (CD) on August 1, 2019. The CD pays interest of 1 percent per annum and matures on January 31, 2020. When it closes its books on December 31, 2019, how much interest receivable should the city accrue?
A) $0
B) $5,000
C) $2,083
D) $2,500
Correct Answer:
Verified
Correct Answer:
Verified
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