Marcus receives an inheritance of $2,000. He decides to invest this money in a 14-year certificate of deposit (CD) that pays 3.0% interest compounded monthly. How much money will Marcus receive when he redeems the CD at the end of the 14 years? Marcus will receive $ (Round to the nearest cent.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Marcus receives an inheritance of $2,000. He decides to invest this money in a 14-year certificate of deposit (CD) that pays 3.0% interest compounded monthly. How much money will Marcus receive when he
redeems the CD at the end of the 14 years?
Marcus will receive $
(Round to the nearest cent.)
Transcribed Image Text:Marcus receives an inheritance of $2,000. He decides to invest this money in a 14-year certificate of deposit (CD) that pays 3.0% interest compounded monthly. How much money will Marcus receive when he redeems the CD at the end of the 14 years? Marcus will receive $ (Round to the nearest cent.)
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