You deposit $2,300 into a 5-year CD at Danville National Bank. It pays interest of 4.75% for the first 3 years. At the end of year 3, the interest rate rises to 6.25%. What is your account value at the end of 5 years? Do not use a $ but show to 2 decimal places.

Answer rating: 100% (QA)

To calculate the account value at the end of 5 years we need to determine the interest earned during ... View the full answer