Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that p

1.	Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the value of the CD at the end of the 4 years? *
Answer» Step-by-step EXPLANATION: equation: A=P(1+i)^n p=AMOUNT- 8000 i=interest in %- 4.1/100 n= no. of years- 4 A= 8000(1+0.041)^4 A= 8000×1.17436450976 A= 9394.916 Interest = 1394.916 TOTAL AMOUNT RECEIVABLE = 9394.916

Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the value of the CD at the end of the 4 years? *

Answer»

Step-by-step EXPLANATION:

equation: A=P(1+i)^n

p=AMOUNT- 8000

i=interest in %- 4.1/100

n= no. of years- 4

A= 8000(1+0.041)^4

A= 8000×1.17436450976

A= 9394.916

Interest = 1394.916

TOTAL AMOUNT RECEIVABLE = 9394.916