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Suppose you have $1,900 and plan to purchase a 10-year certificate of deposit (CD) that pays 13.0% interest, compounded annually. How much will you have

Suppose you have $1,900 and plan to purchase a 10-year certificate of deposit (CD) that pays 13.0% interest, compounded annually. How much will you have when the CD matures?

a. $6,694.93

b. $7,648.23

c. $6,449.68

d. $2,147.00

e. $5,707.68

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