Herbert plans to retire in fifteen years. Can he afford a $250,000 condominium when he retires. He invests $100,000 in a fifteen-year Mellon CD (certificate of deposit) which pays 7.5% interest, compounded annually. how much will he have? Continuing the problem above, Herbert wants to calculate whether he can afford the condo if he purchases three consecutive five-year CDs. The current five-year rate is 6%. Rates for the second and third five-year periods and expected to be 6.5% and 7.5%, respectively. What is the amount he would have saved?