A certificate of deposit is:
A. an instrument in which the maker makes an unconditional promise to pay a fixed amount of money with interest to the payee on demand.
B. an instrument in which the maker makes an unconditional promise to pay a fixed amount of money without interest to the payee at the specified future time.
C. the most widely used form of commercial paper that is a draft payable on demand and drawn on a bank.
D. an instrument containing an acknowledgment by a bank that it has received a deposit of money and a promise to repay the sum of money.
Answer: D
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