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Ch.3 Test Savings Accounts 1. Mike deposits $5,000 in a three-year CD account that yields 3.5% annual interest, compounded weekly. What is his ending balance at the end of three…

Ch.3 Test Savings Accounts 1. Mike deposits $5,000 in a three-year CD account that yields 3.5% annual interest, compounded weekly. What is his ending balance at the end of three…
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3 votes
Ch.3 Test Savings Accounts

1. Mike deposits $5,000 in a three-year CD account that yields 3.5% annual interest,
compounded weekly. What is his ending balance at the end of three years?

User David Ding
by
9.4k points

1 Answer

3 votes

Explanation:

5000 x 3 + 3.5% of 5000 x 3 = the answer

User Kjam
by
8.7k points
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