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A certificate of deposit (CD) is similar to a savings account, but deposits are generally held to maturity. They usually offer higher rates than savings

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A certificate of deposit (CD) is similar to a savings account, but deposits are generally held to maturity. They usually offer higher rates than savings accounts because they "tie up" money for a period of time and often require a minimum deposit. A 4-year CD at a certain bank has a nominal rate of 2.379%, and an effective annual yield of 2.400%. If $800,000 is deposited with this bank, how much will be in the account at the end of the 4 years? Use a calculator to compute the mature value of the CD. The mature value will be s Round to the nearest cent as needed.)

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