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A 4 Year Certificate of Deposit Pays an Annual Rate

Question 30

Multiple Choice

A 4 year certificate of deposit pays an annual rate of 8%, compounded daily. The maximum allowable deposit is $17,000. What is the most interest a depositor can earn from the CD? Round the result to the nearest cent.


A) $6,410.35
B) $6,510.45
C) $6,310.25
D) $6,400.34
E) $6,420.36

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