Mary wins $2500 in a singing contest and invests the money in a 4-year CD that pays

Question:

Mary wins $2500 in a singing contest and invests the money in a 4-year CD that pays 3% interest compounded monthly. How much money will Mary receive when she redeems the CD at the end of the 4 years?


If necessary, round all dollar figures to the nearest cent and round percents to the nearest hundredth of a percent.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

Question Posted: