Required information You need $8,000 on 4/1/2016 and you have two options. Option A: Borrow money from a bank at 7% annual interest for repayment on 9/1/2016 with monthly compounding interest. Option B: Cash in a CD purchased for $8,000 on 9/1/2015 with a 3.8% annual interest compounded monthly. If the CD is cashed in before 9/1/2016, you forfeit the first three months of interest. Thereafter, the rate is just 1.9%. Choosing option A means the CD is allowed to reach maturity. NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part. What is the value of the CD on 4/1/2016? (Round the final answer to four decimal places.) The value of the CD on 4/1/2016 is $ Required information You need $8,000 on 4/1/2016 and you have two options. Option A: Borrow money from a bank at 7% annual interest for repayment on 9/1/2016 with monthly compounding interest. Option B: Cash in a CD purchased for $8,000 on 9/1/2015 with a 3.8% annual interest compounded monthly. If the CD is cashed in before 9/1/2016, you forfeit the first three months of interest. Thereafter, the rate is just 1.9%. Choosing option A means the CD is allowed to reach maturity. NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part. What is the value of the CD on 4/1/2016? (Round the final answer to four decimal places.) The value of the CD on 4/1/2016 is $