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9.
A certificate of deposit (CD) is savings instrument that many banks offer. It usually gives a higher interest rate,
but you cannot access your investment for a specified length of time. Suppose you deposit $3000 in a CD
paying 4% interest, compounded monthly. How much will you have in the account after 20 years? Round
8
your answer to the nearest cent.
P =
% =
_n=____t=__________years, A= Compound Interest =
-
Sagot :
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