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27 May, 14:09

Harvey Alson invested $7,500 in a 2-year CD that pays 6% interest compounded quarterly. What is the amount of interest that Harvey will earn when the CD matures?

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  1. 27 May, 17:07
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    A=7,500 * (1+0.06:4) ^ (4*2)

    A=8,448.69

    Interest earned=8,448.69-7,500

    Interest earned=948.69
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