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JG Asset Services is recommending that you invest $1,050 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will

JG Asset Services is recommending that you invest $1,050 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures?

Select the correct answer.

a. $1,237.47

b. $1,247.07

c. $1,227.87

d. $1,242.27

e. $1,232.67

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