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Suppose you have $2,150 and plan to purchase a 7-year certificate of deposit (CD) that pays 4.5% interest, compounded annually. How much will you have

Suppose you have $2,150 and plan to purchase a 7-year certificate of deposit (CD) that pays 4.5% interest, compounded annually. How much will you have when the CD matures?

a.

$2,925.85

b.

$3,563.83

c.

$2,791.06

d.

$3,153.90

e.

$2,728.22

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