Question 347167: How much would you have in 10 years if you purchased a $2,000.00 6-year savings certificate that paid 6% compounded annually? Answer by solver91311(24713) (Show Source):
where is the interest rate per compounding period and is the number of compounding periods.
For your situation:
is the amount you have at the time the certificate matures at the end of 6 years. What happens between then and the end of 10 years is difficult to say. By the way, you get to do your own arithmetic.
John
My calculator said it, I believe it, that settles it
