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1) Future Value Periodic Compounding You just received an inheritance from a distant relative of $100,000. You decide to invest it in a CD for
1) Future Value Periodic Compounding You just received an inheritance from a distant relative of $100,000. You decide to invest it in a CD for 5 years that has a 1.60% interest rate (APR), compounded monthly. a) Using the appropriate formula, what will be your ending balance at the end of 5 years? (Show all work, you cant just use the TVM calculator) b) How much interest will you earn? (Show your work) c) Create a spreadsheet that gives starting balance, interest paid, ending balance for each period. (see video)
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