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A father invests 40,000 in a four-year certificate of deposit (CD) that annually pays interest of 3.5%. The annual CD interest payments are automatically reinvested
A father invests 40,000 in a four-year certificate of deposit (CD) that annually pays interest of 3.5%. The annual CD interest payments are automatically reinvested in a separate savings account at a stated annual interest rate of 5% compounded monthly. At maturity, the value of the combined asset is closest to: (give me the exact number and show the formuala)
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