Question: You have just purchased a six-month, $530,000 negotiable CD, which will pay a 6.5 percent annual interest rate.
a. If the market rate on the CD rises to 7 percent, what is its current market value? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Current market value $
b. If the market rate on the CD falls to 6.25 percent, what is its current market value? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Current market value $