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8 October, 23:34

suppose you invest $2250 in a CD that earns 3% APR and is compound quarterly. the cd matures in 2 years. how much will this cd be worth at maturity

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  1. 9 October, 02:37
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    Pn = P0 (1+r) ∧n

    Pnis future value of P0

    P0 is original amount invested

    r is the rate of interest

    n is the number of compounding periods (years, months, etc.)

    P (n) = 2250 (1 + (.03/4) ∧8

    * * since the interest is compounding quarterly, you need to divide the rate by 4, the number of quarters in a year.

    Then you would do the math.
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