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Suppose you have $1,500 and plan to purchase a 10-year certificate of deposit (CD) that pays 13.7% interest, compounded annually. How much will you have

Suppose you have $1,500 and plan to purchase a 10-year certificate of deposit (CD) that pays 13.7% interest, compounded annually. How much will you have when the CD matures?

a. $5,416.22 b. $5,643.93 c. $4,763.60 d. $6,546.11 e. $1,705.50

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