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Find the Compound Amount for the Certificate of Deposit

Question 7

Multiple Choice

Find the compound amount for the certificate of deposit. Assume daily compounding using the following table. Round
to the nearest cent. Find the compound amount for the certificate of deposit. Assume daily compounding using the following table. Round to the nearest cent. -Amount: $4,500 Rate: 3% Years: 4 A) $5,228.22 B) $4,874.78 C) $5,073.71 D) $4,637.04
-Amount: $4,500
Rate: 3%
Years: 4


A) $5,228.22
B) $4,874.78
C) $5,073.71
D) $4,637.04

Correct Answer:

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