Question 1140043
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3 years or 8 years?<br>
Generally if a 3 year CD is held for 8 years the interest is only compounded for 3 years.  So the final value, and the amount of interest earned, will be the same after 8 years as after 3 years.<br>
6% annual interest --> 1.5% quarterly
3 years = 12 quarters<br>
Value after the initial amount is compounded 12 times:<br>
{{{360(1+.015)^12}}}<br>
Amount of interest: Final value minus original $360.