Question

A certificate of deposit earns 1% interest every three months. The interest is compounded.

What is the value of a $35,000 investment after 6 years?


$37,153.21

$39,438.88

$44,440.71

$56,295.30

Answer 1

Answer is A

A=p(1+r/n)n×t A=35.000(1+0.01/1)1×6 A=35.000×1.01 to d power of 6 A=35.000×1.06152. A=37.15321