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5 September, 03:23

The future value of Elijah's certificate of deposit (CD), for the first five years, is represented by the sequence below. The applied interest is compound interest. $517.50, $535.61, $554.36, $573.76, $593.84, ... A. True B. False

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  1. 5 September, 04:21
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    The future value of Elijah's certificate of deposit (CD), for the first five years, is represented by the sequence below. The applied interest is compound interest.

    $517.50, $535.61, $554.36, $573.76, $593.84, ...

    true
  2. 5 September, 06:56
    0
    First find the interest rate

    R = (535.61/517.50-1) * 100=3.5%

    517.50 for 4 years

    A=517.50 (1+0.035) ^4

    A=593.84
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