SOLUTION: Suppose you found a CD that pays 3.9% interest compounded monthly for 7 years. If you deposit $11,000 now, how much will you have in the account in 7 years? (Round to the neares

Question 1174017: Suppose you found a CD that pays 3.9% interest compounded monthly for 7 years.
If you deposit $11,000 now, how much will you have in the account in 7 years? (Round to the nearest cent.)

What was the interest earned? (Round to the nearest cent.)
Now suppose that you would like to have $20,000 in the account in 7 years. How much would you need to deposit now? (Round to the nearest cent.)
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
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