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Suppose you have $1,500 and plan to purchase a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have

Suppose you have $1,500 and plan to purchase a 5-year certificate of deposit (CD) that pays 3.5%

interest, compounded annually. How much will you have when the CD matures?

a. $1,781.53

b. $1,870.61

c. $1,964.14

d. $2,062.34

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