Question 4 4 pts Lori buys a $1500 certificate of deposit (CD) that earns 6% interest that compounds monthly. How much will the CD be worth

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Question 4 4 pts Lori buys a $1500 certificate of deposit (CD) that earns 6% interest that compounds monthly. How much will the CD be worth in: 5 years? 10 years? 486 months?

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Verity 1 day 2021-07-22T06:31:46+00:00 1 Answers 0 views 0

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    2021-07-22T06:33:08+00:00

    Answer:

    Step-by-step explanation:

    5 years

    1500(1+\frac{.06}{12})^{12*5}=2023.275229

    10 years

    1500(1+\frac{.06}{12})^{10*12}=2729.095101

    486 months:

    1500(1+\frac{.06}{12})^{486}=16935.47074

    round those as you please

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