Certificate of deposit, Suppose you have $1,500 and plan to purchase a 5-year certificate, Finance Basics

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Certificate of deposit

Problem:

Suppose you have $1,500 and plan to purchase a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures?

a. $1,781.53

b. $1,870.61

c. $1,964.14

d. $2,062.34

Please illustrate out in detail.

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Finance Basics: Certificate of deposit

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Finance Basics: Certificate of deposit

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Finance Basics: Certificate of deposit

Reference No:- TGS0877629

Recent Questions Asked Finance Basics

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