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Solve the Problem $1147\$ 1147 In a CD That Is Expected to Earn

Question 38

Multiple Choice

Solve the problem.
-You just put $1147\$ 1147 in a CD that is expected to earn 5%5 \% compounded quarterly, and $8377\$ 8377 in a savings account that is expected to earn 2%2 \% compounded semiannually. Determine when, to the nearest year, the values of your two investments will be the same.


A) 87 years
B) 47 years
C) 67 years
D) 27 years

Correct Answer:

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