Question

Question 4 4 pts Lori buys a $1500 certificate of deposit (CD) that earns 6% interest that compounds monthly. How much will the CD be worth in: 5 years? 10 years? 486 months?

Answer 1

Explanation:

5 years

`1500(1+(.06)/(12))^(12*5)=2023.275229`

10 years

`1500(1+(.06)/(12))^(10*12)=2729.095101`

486 months:

`1500(1+(.06)/(12))^(486)=16935.47074`

round those as you please