Kenneth Clark is investing $10,500 in a bank CD that pays a 8 percent annual interest....
Kenneth Clark is investing $10,500 in a bank CD that pays a 8 percent annual interest. How much will the CD be worth at the end of five years? (Do not round intermediate calculations and round your final answer to the nearest penny.)
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$10500*(1.08)^5
=$15427.94(Approx).
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