Question

Question 4 4 pts Lori buys a $1500 certificate of deposit (CD) that earns 6% interest that compounds monthly. How much will the CD be worth in: 5 years? 10 years? 486 months?

Answer 1

Answer:

Step-by-step explanation:

5 years

$1500(1+\frac{.06}{12})^{12*5}=2023.275229$

10 years

$1500(1+\frac{.06}{12})^{10*12}=2729.095101$

486 months:

$1500(1+\frac{.06}{12})^{486}=16935.47074$

round those as you please