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A certificate of deposit has $10,000.00 and the bank pays 2.89% interest compounded monthly. After 5 years, what is the account balance?

A certificate of deposit has $10,000.00 and the bank pays 2.89% interest compounded monthly. After 5 years, what is the account balance?
89.7k views
5 votes
A certificate of deposit has $10,000.00 and the bank pays 2.89% interest compounded monthly.

After 5 years, what is the account balance?

User Aaditya Thakkar
by
7.3k points

1 Answer

4 votes

Answer:

17340

Explanation:

10,000 * 2.89%

289 * 12

3468 * 5

17340.

User Paul Chris Jones
by
8.1k points
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