Question

(4) Abiral has $1500 available to invest. He goes to a credit union and decides to

invest in a Certificate of Deposit (CD) with a 5-year term. The interest rate
is 1,68% compounded daily. How much will Abiral have (in total) at the end of 5
years from this investment?

Answer 1

Explanation:

A=?

P=1500

r=.0168

n=365

t=5

A=1500(1+.0168/365)^365•5

A= 1631.44