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QUESTION
A year ago, Kevin purchased a negotiable certificate of deposit (NCD) for $969,000 in the secondary market.
A year ago, Kevin purchased a negotiable certificate of deposit (NCD) for $969,000 in the secondary market. The NCD matures today and Kevin redeems it receiving $1,000,000 and also interest of $25,000. Determine Kevin's annualized yield on this investment.
