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An online-only bank currently offers a 5-year CD (certificate of deposit) paying simple interest rate of 2% per quarter. If you want to get $2,800

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An online-only bank currently offers a 5-year CD (certificate of deposit) paying simple interest rate of 2% per quarter. If you want to get $2,800 from this CD 5 years later, how much do you have to purchase today? Check your answer: You have to purchase $2,000 CD today. (14 points) Show your calculation to get full points

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