You deposit $9,821 in a CD with First Bank of Terlingua. The bank promises a fixed...

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You deposit $9,821 in a CD with First Bank of Terlingua. The bank promises a fixed APR of 6.189% per year with monthly compounding. The CD has a life of 8 years. The interest is paid at the end of each month. Underlying assumptions: • You leave the principal and interest in the account for the life of the CD rather than withdrawing it. • The bank stays solvent for this period (and thus can keep its promise to pay you). What will the balance in your account be the end of the life of the CD? Enter your answer in dollars and cents; round to the penny. You deposit $9,821 in a CD with First Bank of Terlingua. The bank promises a fixed APR of 6.189% per year with monthly compounding. The CD has a life of 8 years. The interest is paid at the end of each month. Underlying assumptions: • You leave the principal and interest in the account for the life of the CD rather than withdrawing it. • The bank stays solvent for this period (and thus can keep its promise to pay you). What will the balance in your account be the end of the life of the CD? Enter your answer in dollars and cents; round to the penny.

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