Finance Question:

Suppose you found a CD loan that pays 2.7% interest compounded monthly for 5 years.

If you deposit $10,000 now, how much will you have in the account in 5 years? (Round to the nearest cent.)

$______

What was the interest earned? (Round to the nearest cent.)

$_____

Now suppose that you would like to have $20,000 in the account in 5 years. How much would you need to deposit now? (Round to the nearest cent.)

$_____