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Question 3 3.75 pts 2. The Benefit of a Higher APY. Isabel Lopez, from Lewiston, Idaho, is age 19, and she recently received an inheritance
Question 3 3.75 pts 2. The Benefit of a Higher APY. Isabel Lopez, from Lewiston, Idaho, is age 19, and she recently received an inheritance of $50,000 from her grandmother's estate. She plans to use the money for the down payment on a home in ten years when she finishes her education. Right now the funds are in a savings account paying 1% interest. How much would Isabel have in ten years if instead she purchased a ten-year CD paying 3%? (Hint: Use Appendix A.1 or visit the Garman/Forgue companion website.) $59,253 $67,195 $90,265 $87,287
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