Suppose you have 3000 to invest in a 5 year cd that pays 2% interest. if the interest is compounded quarterly, how much will the cd be worth at the end of the 5 year term

3314.68

Step-by-step explanation:

3000 dollars is invested in a 5 year CD that pays 2% interest annually.

If the interest is compounded quarterly then the quarterly interest rate is % and 5 years is equivalent to (5 × 4) = 20 quarters.

Therefore, the sum will become after 5 years

dollars.

Hence, the CD will be worth 3314.68 at the end of the 5-year term. (Answer)

Since we know the formula of compound interest as  

Where A is the final amount that the sum becomes.

P is the principal amount that was invested initially.

r = Annual rate of compound interest.

And n = number of times in a year the principal is compounded.

not me

step-by-step explanation:

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