Isabel Lopez, age 18, recently received an inheritance of $50,000 from her grandmother's estate. She plans to

Question:

Isabel Lopez, age 18, recently received an inheritance of $50,000 from her grandmother's estate. She plans to use the money for the down payment on a home in 10 years when she finishes her education. Right now the funds are in a savings account paying 1% APY. How much would Isabel have in 10 years if she purchased a ten year CD paying 3%?