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tankabanditka [31]
3 years ago
13

Lori buys a $586 certificate of deposit (CD) that earns 6.6% interest that compounds monthly. How much will the CD be worth in 1

3 years? Express your answer rounded correctly to the nearest cent. Do not include units on your answer.
Mathematics
1 answer:
Alex777 [14]3 years ago
3 0

Answer:

<h2>$1344.9</h2>

Step-by-step explanation:

This problem can be solved using the compound interest formula

A= P(1+r)^t

Given data

A, final amount =?

P, principal = $586

rate, r= 6.6% = 0.066

Time, t= 13 years

Substituting our values into the expression we have

A= 586(1+0.066)^1^3\\\ A= 586*(1.066)^13\\\ A= 586*2.295\\\ A= 1344.87

To the nearest cent the in 13 years the CD will be worth $1344.9

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