Marcus receives an inheritance of $11,000. He decides to invest this money in a 15-yearcertificate of deposit (CD) that pays 6.0% interest compounded monthly. How much money willMarcus receive when he redeems the CD at the end of the 15 years?Marcus will receive(Round to the nearest cent.)

The amount that a present investment will gain in value over time when kept in a compound interest…

Answered: Marcus receives an inheritance of…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Marcus receives an inheritance of $11,000. He decides to invest this money in a 15-year certificate of deposit (CD) that pays 6.0% interest compounded monthly. How much money will Marcus receive when he redeems the CD at the end of the 15 years? Marcus will receive $ (Round to the nearest cent.)