Gracie bought a cd for $810 that earns a 2.9 APR and is compounded quarterly. The CD matures in 5 years. How much will this CD b
e worth at maturity?
0
A: $909.26
B:935.90
C:963.34
D:$883.25
1 answer:
Answer:
The amount that this CD will be worth at maturity would be $935.90. The right answer is B.
Step-by-step explanation:
In order to calculate How much will this CD be worth at maturity we would have to use and calculate the formula of future value as follows:
Future Value=Present value×(1+i/n)∧nt
Future Value=$810×(1+2.9%/4)∧(4×5)
Future Value=$935.90
The amount that this CD will be worth at maturity would be $935.90
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