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You deposit $8,000 in a 2-year certificate of deposit (CD) earning 2.4% annual interest compounded daily. At the end of the 2 years, you
You deposit $8,000 in a 2-year certificate of deposit (CD) earning 2.4% annual interest compounded daily. At the end of the 2 years, you reinvest the compound amount plus an additional $8,000 in another 2-year CD. The annual interest rate on the second CD is 2.9%, compounded daily. What is the compound amount when the second CD matures? (Assume all years have 365 days. Round your answer to the nearest cent.) $
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 1
1119048508, 978-1119048503
