Shannon bought a CD for $750 that earns 3.8% APR and is compounded quarterly. The CD matures in 5 years. How much will this CD be wort

Question

Shannon bought a CD for $750 that earns 3.8% APR and is compounded
quarterly. The CD matures in 5 years. How much will this CD be worth at
maturity?
O A. $920.16
O B. $903.75
O C. $906.12
O D. $938.42
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Harper 2 weeks 2021-11-19T14:45:18+00:00 2 Answers 0 views 0

Answers ( )

    0
    2021-11-19T14:46:43+00:00

    Answer:

    it is $906.12

    Step-by-step explanation:

    0
    2021-11-19T14:46:48+00:00

    Answer:

    A = $906.12

    choice C.)

    Step-by-step explanation:

    A = P (1 +  (r/k) )^(kt)

    k = 4

    t = 5 years

    r = 0.038

    P = $750

    A = 750 *(1 + (0.038/4))^(4*5)

    A = 750*(1.0095‬)^20

    A = $906.12419927

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