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Suppose $3,200 Is Deposited in a Bank CD Account Paying

Question 60

Multiple Choice

Suppose $3,200 is deposited in a bank CD account paying 6% interest per year, compounded 2 times per year. How much will be in the CD account at the end of 16 years? Round your answer to the nearest cent.


A) $20,650.84
B) $8,240.26
C) $8,129.13
D) $5,135.06

Correct Answer:

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