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A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning you can only redeem it when the term is over. If you open a CD with an initial deposit of $200 and an APR of 0.69% compounded monthly, what profit will you have earned when you redeem the CD in 3 years? Round your answer to the nearest cent, if necessary

A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning you can only redeem it when the term is over. If you open a CD with an initial deposit of $200 and an APR of 0.69% compounded monthly, what profit will you have earned when you redeem the CD in 3 years? Round your answer to the nearest cent, if necessary

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning you can only redeem it when the term is over. If you open a CD with an initial deposit of $200 and an APR of 0.69% compounded monthly, what profit will you have earned when you redeem the CD in 3 years? Round your answer to the nearest cent, if necessary.
 
 
 
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