On Melissa's 6th birthday, she gets a $3000 CD that earns 4% interest, compounded . If the CD matures on her 16th birthday

Question

3 years ago

5

, how much money will be available?

1 answer:

vfiekz [6] · Answer 1 · 2022-11-18T07:13:16+03:00

vfiekz [6]3 years ago

8 0

Answer:

Melissa will have $4,440.73 on her 16th birthday.

Step-by-step explanation:

Future value $= 3000 * 1.04^{10} = 4,440.73$

On​ Melissa's 6th​ birthday, she gets a ​$3000 CD that earns 4​% ​interest, compounded . If the CD matures on her 16th ​birthday