Question

Oliver plans to purchase a $1500 certificate of deposit (cd) at his bank. The CD will earn 2.3% interest, compounded semi-annually.​

Answer 1

Explanation:

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Use the compound amount formula: A = P(1 + r/n)^(nt).

Here we have

A = $1500(1 + 0.023/2)^(2t), where t is the number of years.