Question
You plan to invest an amount of money in four-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 four-year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 5 percent, compounded monthly. How much must you invest today if you want the balance in the CD account to be $7,000 in four years?
a. $5,733.50 b. $14,000 c. $13,482 d. $5,966.60
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Foundations Of Financial Management
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen
13th Edition
0073382388, 978-0073382388
