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04-03-2022
Business

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Suppose you have $1,325 and plan to purchase a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures

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ewomazinoade ewomazinoade

15-03-2022

The amount I would have when the CD matures is $1573.68.

What is the amount I would have when the CD matures?

When an amount is compounded annually, it means that both the amount invested and the interest already accrued increases in value once in a year.

FV = P (1 + r)^n

FV = Future value
P = Present value
R = interest rate
N = number of years

1325 ( 1.035)^5 = $1573.68

To learn more about future value, please check: https://brainly.com/question/18760477

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