Carl and Florence Lyles have the option of investing their $20,000 in a four-year CD with 5.15% interest compounded annually, 5%
1 answer:
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The formula required to answer this is:
where A is the amount of the principal P after n compounding periods per year at r interest rate (as a decimal fraction).
Plugging in the given values, we get:
Rounding to the nearest dollar, we get $662.00. Therefore a is the best answer choice.
where A is the amount of the principal P after n compounding periods per year at r interest rate (as a decimal fraction).
Plugging in the given values, we get:
Rounding to the nearest dollar, we get $662.00. Therefore a is the best answer choice.