$[$Related to Solved Problem

$3\mathrm{.}1$A$]$

Suppose that you are considering investing

$$$$1$ comma $0001,000$

in one of the following bank CDs$.$

bullet$$

CD$1,$ which will pay an interest rate of

$99\%$

per year for three years

bullet$$

CD$2,$ which will pay an interest rate of

$1313\%$

the first$$ year,

$88\%$

the second$$ year, and

$44\%$

the third year

The future value of CD $1$ is

$$$enter your response here$,$

and the future value of CD $2$ is

$$$enter your response here.

$($Round your responses to the nearest$$ cent.$)$

Given the future values you$$ calculated, which CD should be$$ chosen?

A$.$

CD

$11$

should be chosen.

B$.$

CD

$22$

should be chosen.