Register
Suppose you buy a CD for $300 that earns 3% APR and is compounded quarterly. The CD matures in 3 years. How much will this CD be worth at maturity? A. $328.14 B. $309.12 C. $309.10 D. $303.01 help?,
131k views
4 votes
Suppose you buy a CD for $300 that earns 3% APR and is compounded quarterly. The CD matures in 3 years. How much will this CD be worth at maturity?

A. $328.14
B. $309.12
C. $309.10
D. $303.01
help?,

User Ortwin Angermeier
by
8.5k points

1 Answer

5 votes
Amount spent at start C = $300 Rate = 3% = 0.03 Number of periods = 3 years Future Value at the maturity FV = 300 x (1 + 0.03) ^3= 300 x 1.0927 = 328 The correct answer would be 328.14
User Vinit Dabhi
by
8.4k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!