Question: Ron has saved up $2,500 and wants to use it to purchase a boat in 5 years. He can invest the money by purchasing a

Ron has saved up $2,500 and wants to use it to purchase a boat in 5 years. He can invest the money by purchasing a 5-year certificate of deposit that earns 6.5% annually. If he chooses to do this, how much money will he have available to spend on a boat once the CD matures?

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