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The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $1000 at 0.56% compounded semianually for 3 years. The compound amount is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The interest earned is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $1000 at 0.56% compounded semianually for 3 years. The compound amount is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The interest earned is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

Elementary Geometry For College Students, 7e
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $1000 at 0.56% compounded semianually for 3 years. The compound amount is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The interest earned is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $1000 at 0.56% compounded semianually for 3 years. The compound amount is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The interest earned is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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