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ou just received $1,000 for your birthday and you decide to invest in a bank certificate of deposit (CD) with an interest rate of 5%
ou just received $1,000 for your birthday and you decide to invest in a bank certificate of deposit (CD) with an interest rate of 5% that is compounded daily and paid out at maturity of the CD. At the end of the 5 years the CD will mature and you will receive [number 1]? (Hint: adjust interest rate and time to daily compounding.)
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