Question
You plan to invest an amount of money in five-year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD
You plan to invest an amount of money in five-year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 6 percent, compounded monthly. How much must you invest if you want the balance in the CD account to be $8,200 in five years? (need to show work in excel)
A. $6,322.42
B.$6,018.46
C. $5,836.08
D. $6,626.38
E. $6,079.25
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Financial Management Theory and Practice
Authors: Eugene F. Brigham, Michael C. Ehrhardt
16th edition
1337902608, 978-1337902601
