Tessa has recently inherited $5600, which she wants to deposit into a CD account. She has determined
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Question:
Tessa has recently inherited $5600, which she wants to deposit into a CD account. She has determined that her two best bets are an account that compounds monthly at an annual rate of 4.7% (Account 1) and an account that compounds semi-annually at an annual rate of 5.1% (Account 2).
How much would Tessa's balance be from Account 2 over 3.8 years? Round to two decimal places.
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