Question

kyle has $800 in cash received for high school graduation gifts from various relatives. he wants to invest it in a certificate of deposit (CD) so that he will have a down payment on a car when he graduates from college in five years. his bank will pay 3.1% per year, compounded annually, for the five year CD. how much will kyle have in five years to put down on his car?

Answer 1

Answer:

I am not sure but I think the answer is 124.