You can invest $10,000 in a certificate of deposit (CD) offered by your bank. The CD is for 3 years and the bank quotes you a rate of 5%. How much will you have in 3 years if the 5% is (a) an an EAR? (b) an APR with quarterly compounding? (c) an APR with monthly compounding?
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To calculate the future value of a 10 000 certificate of deposit CD at different compounding frequenView the full answer