You could use this formula to determine the amount of interest you will earn on money you invested in a CD. A CD, or certificate of deposit, is a type of bank investment that pays out interest on a set date. To start, you need to make some assumptions. Then, you use those assumptions and the formula to calculate the interest you will earn. The values you enter in this part will be used to make later calculations. How much money (in dollars) will you invest? $ 1000 Correct: Your answer is correct. Your value is acceptable. What will the interest rate be? (Enter your answer as a percent.) 5 Correct: Your answer is correct. Your value is acceptable.% Select the term length for your CD. 1 year 2 years 3 years 4 years 5 years Correct: Your answer is correct. Part 2 Use the values you entered in part 1 to determine the answers in this part. Calculate the amount of interest you will earn (in dollars) based on your assumptions. (Round your answer to the nearest cent.)