Imagine that you have a 1000 cd earning 5 interest i 05, Business Economics

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Imagine that you have a 1000 cd earning 5 interest i 05

Imagine that you have a $1,000 CD earning 5% interest (i = .05) indefinitely. a. What is the future value of this CD in 10 years? b. The CD earns $50 interest each year on the $1,000 principal, yet in ten years it will have earned more than $500 interest. Explain why.

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Business Economics: Imagine that you have a 1000 cd earning 5 interest i 05

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