Calculation of future value of deposit
Question: Assume you have $2,000 & plan to buy a three year certificate of deposit (CD) that pays 4% interest, compounded yearly. How much will you have when the CD matures?
[A] $2,249.73
[B] $2,011.87
[C] $2,324.89
[D] $2,591.45
[E] $2,854.13
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Assume you have $2,000 & plan to buy a three year certificate of deposit (CD) that pays 4% interest, compounded yearly. How much will you have when the CD matures?
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