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27-09-2022
Mathematics

Answered

A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning you can only redeem it when the term is over. If you open a CD with an initial deposit of $4000 and an APR of 0.29% compounded monthly, what profit will you have earned when you redeem the CD in 10 years? Round your answer to the nearest cent, if necessary.

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