ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Heatherinvested $8, 000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interestcompounded annually. What is the value of the CD at the end of the 4 years?
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$9, 394.92
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$9, 312.00
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$1394.00
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$1312.00
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Explanation:
Detailed explanation-1: -This means that the amount of $8, 000 will earned an interest of $1, 394.92 at an interest rate of 4.1% compounded annually.
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