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MathematicsMathematics
16 June, 21:34

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 the CD be worth at maturity?

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  1. 16 June, 21:50
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    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 500

    R interest rate 0.025

    K compounded quarterly 4

    T time 3years

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

    A=538.82
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