theystayonnelly theystayonnelly

01-06-2023
Mathematics

Answered

Amy received a $1400 bonus. She decided to invest it in a 3 year certificate of deposit (CD) with an annual interest rate of 1.27% compounded monthly.

Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.

(a) Assuming no withdrawals are made, how much money is in Amy's account after years?

(b) How much interest is earned on Amy's investment after 3 years?

Answer :

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