Bob invests 1000 for a certificate of deposit that pays 5, Financial Management

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Bob invests 1000 for a certificate of deposit that pays 5

1. Bob invests $1000 for a certificate of deposit that pays 5 percent interest and is compounded annually. The certificate matures after 12 years. Calculate the total amount of interest accumulated after 12 years.

Use the information from Exercise 1.

2. How much interest will you earn if the interest is withdrawn each year?

3. Why are the answers to Exercises 1 and 2 - Part a different?

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Financial Management: Bob invests 1000 for a certificate of deposit that pays 5

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Financial Management: Bob invests 1000 for a certificate of deposit that pays 5

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