Hi

jacobs sixth bday he got a $3,000 cd it earns 5% interest,compounded quarterly.

 If the CD matures on his 16th bday what amount will be available then

    A=P(1+r/n)^nt

    A=$3000(1+.05/4)^4*10

    A=$3000(1.0125)^40 = $4930.86



 

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