SOLUTION: You deposit $9,200 in a 2-year certificate of deposit (CD) earning 2.4% annual interest compounded daily. At the end of the 2 years, you reinvest the compound amount plus an additi

Question 1148697: You deposit $9,200 in a 2-year certificate of deposit (CD) earning 2.4% annual interest compounded daily. At the end of the 2 years, you reinvest the compound amount plus an additional $9,200 in another 2-year CD. The annual interest rate on the second CD is 2.9%, compounded daily. What is the compound amount when the second CD matures?

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This is 9200(1+.024/365)^730 for the first two years=$9652.35 rounding at the end
add $9200 for $18852.35(1+.029/365)^730=$19,978.07
RELATED QUESTIONS
You invest #300 into a 2 year certificate of deposit that earns 6.5% simple annual... (answered by lynnlo)

1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)

You deposit $1000 at the end of each year into an account earning 4% interest compounded... (answered by ikleyn)

The Pacific investment group invested some money in a certificate of deposit (cd) that... (answered by stanbon)

Tela invests $1500 in a year certificate of deposit. At the end of 1 year, her balance is (answered by lynnlo)

Mr. Money invested $10,000 in a certificate of deposit (CD) for three years at a rate of... (answered by stanbon)

Tela invests $1500 in a 1 year certificate of deposit. At the end of 1year, her balance... (answered by lynnlo)

Jan Moser made a deposit into a 5% annual simple interest account. She made another... (answered by addingup)

Haley invested $2,000.00 in a 36-month certificate of deposit (CD) that earned 7% annual... (answered by Theo)