Question: Dr. Klinger has several elderly patients that cannot come to his dental office. Dr. Klinger is researching various local banks for the best certificate of

Dr. Klinger has several elderly patients that cannot come to his dental office. Dr. Klinger is researching various local banks for the best certificate of deposit rate to fund a dental van to use to drive to patients who need dental care. One bank is willing to offer him a 10-year certificate at a 6% interest rate compounded annually. He has $55,000 to invest. How much will Dr. Klinger have available at the time of maturity of the investment. Period 1% 2% 4% 6% 5 1.051 1.104 1.217 1.338 6 1.062 1.126 1.265 1.419 7 1.072 1.149 1.316 1.504 8 1.083 1.172 1.369 1.594 9 1.940 1.195 1.423 1.689 10 1.105 1.219 1.480 1.791 a. $60,720 b. $81,400 c. $92,895 d. $98,505

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