Question

10-year certificate of deposit

Suppose you have $2,000 and plan to purchase a 10-year certificate of deposit (CD) that pays 6.5% interest, compounded annually. How much will you have when the CDmatures?

a. $4,346.04
b. $4,139.09
c. $4,563.34
d. $3,754.27
e. $3,941.99

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