Michael Anderson

Mathematics

3 June, 13:51

Anthony wants to buy a CD for $400 that earns 2.5% APR and is compounded

quarterly. The CD matures in 3 years. He will be paid the interest he earns

each quarter. How much interest will Anthony have earned on this CD after

the first quarter?

A. $10.00

B. $3.25

c. $1.25

D. $2.50

+2

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