Question
Future value (with changing years).Dixie Bank offers a certificate of deposit with an option to select your own investment period. Jonathan has $6,500 for his
Future value (with changing years).Dixie Bank offers a certificate of deposit with an option to select your own investment period. Jonathan has
$6,500
for his CD investment. If the bank is offering a
4%
interest rate, compounded annually, how much will the CD be worth at maturity if Jonathan picks aa.
two-year
investment period?b.
five-year
investment period?c.
ten-year
investment period?d.
twenty-year
investment period?
a. How much will the
$6,500
CD investment at
4%
interest rate be worth at maturity if Jonathan picks a
2-year
investment period?
$nothing
(Round to the nearest cent.)b. How much will the
$6,500
CD investment at
4%
interest rate be worth at maturity if Jonathan picks a
5-year
investment period?
$nothing
(Round to the nearest cent.)c.How much will the
$6,500
CD investment at
4%
interest rate be worth at maturity if Jonathan picks a
10-year
investment period?
$nothing
(Round to the nearest cent.)d.How much will the
$6,500
CD investment at
4%
interest rate be worth at maturity if Jonathan picks a
20-year
investment period?
$nothing
(Round to the nearest cent.)
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