You received $ 200 on your 21st birthday and decided to invest it in a 15...
You received $ 200 on your 21st birthday and decided to invest it in a 15 year 8% CD. How much would you receive at maturity?
- $ 136
- $ 355
- $ 2,300
- $ 634
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$200*(1.08)^15
=$200*3.172169114
=$634(Approx).
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