Answer: Micheal will earn an interest of $600 in the first year based on nominal interest rates
Since we need to compute the interest paid out at the end of year 1, we use the following formula in order to find the interest
where
SI = Simple interest
P = Principal or initial amount invested
N = Number of years
R = Nominal interest rate
Nominal interest rate refers to the rate quoted on the CD or the rate agreed upon. In this question, the nominal interest rate is 3%.
Substituting the values in the formula above we get,
The Indo-European languages were though to have originated around Azerbaijan and Iran.
They couldn't carry suitcases or else they would look suspicious and would be asked to open them. So they had to wear as much clothes as they could in order to bring it with them. Their father Otto did carry a briefcase of clothes because it was normal and he wouldn't get caught.
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Marbury v. Madison and McCulloch v. Maryland are some of the earliest examples of landmark cases in the history of the Supreme Court. Their decisions, which have had lasting impacts on the interpretation of the Constitution, are vital to todays understanding of the federal government.
Marbury v. Madison established the policy of judicial review. Judicial review holds that the court has the power to declare acts of Congress unconstitutional should it be inconsistent with the Constitution. This put a sizable check on the power of Congress to pass laws and established the power of the court in the new government.
McCulloch v. Maryland established that when it comes to clashes between state laws and federal laws, federal laws will always trump state laws except for a few rare exceptions. This reaffirmed the power of the new national government and the broad sweeping power it had over the states.