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You purchase a three year certificate of deposit (CD) for $100,000 on January 1st, 2000. This CD has an annual interest rate of 5%. The
You purchase a three year certificate of deposit (CD) for $100,000 on January 1st, 2000. This CD has an annual interest rate of 5%. The interest compounds continuously. What is the balance for the CD account on July 1, 2001?
$105,000
$107,500
$107,593
$110,250
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