## Related questions with answers

Question

A $6000 certificate of deposit is purchased for$6000 and is held for seven years. If the certificate earns an effective rate of 8%, what is it worth at the end of the period?

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 3Formula used:

After $m$ compounding interest periods at the periodic rate $r$, the initial principal $P$ grows to

$S=P(1+r)^{m}$

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