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## Suppose you buy a CD for $500 that earns 2.5% APR and is compounded quarterly. The CD matures in 3 years. How much will this CD be worth at

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## Answers ( )

Answer:A=$538.82

Step-by-step explanation:We’re going to use the compounded interest formula:

A=P(1+r/n)^n*t

Where,

A= the future value of the investment/loan, including interestP= the principal investment amount (the initial deposit or loan amount)r= the annual interest rate (decimal)n= the number of times that interest is compounded per unit tt= t is the amount of time at which you’re checking how much it’s worth (yrs)Using this information, we can use:

A=500(1+0.025/4)^3*4

A=500(1+0.00625)^12

A=500(1.00625)^12

A=500(1.07763259886)

A=538.82

A=$538.82….