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When you buy a certificate of deposit (CD), you are investing your money in an account that earns interest for a specific period of time. A CD matures when it has been invested for the required amount of time.Assume that you have 3000 to invest in a 4-year CD with an APR of 3% compounded daily. When the CD matures, how much interest will you have earned? Round your result to the nearest cent.

Solución

When you buy a certificate of deposit \left(CD\right), you are investing your money in an account that earns interest for a specific period of time. A CD matures when it has been invested for the required amount of time.Assume that you have 3000 to invest in a 4-year CD with an APR of 3% compounded daily. When the CD matures, how much interest will you have earned? Round your result to the nearest cent.

Solución

Interest : 382.47

Pasos de solución

Translate the problem into an equation:

3382.47387 \dots = 3000 + I

Resolver para

I, 3382.47387 \dots = 3000 + I : I = 382.47

Interest : 382.47

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