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Suppose you have $2,450 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 $2,450 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. $3,229.91 b. $2,909.83 c. $3,113.52 d. $3,520.90 e. $2,706.14 49.

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