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

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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) About Me  (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