Question
Alvin buys a $2100 certificate of deposit (CD) that earns 8.5% interest that compounds monthly. How much will the CD be worth in 2 years?
Alvin buys a $2100 certificate of deposit (CD) that earns 8.5% interest that compounds monthly. How much will the CD be worth in 2 years?
Express your answer rounded to the nearest cent.
$
Alvin gets an offer from another bank that is also paying 8.5% on CD's, but is compounding interest daily. How much will a $2100 CD be worth in 2 years?
Express your answer rounded to the nearest cent.
$
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Advanced Engineering Mathematics
Authors: ERWIN KREYSZIG
9th Edition
0471488852, 978-0471488859
