The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and theamount of interest earned by the following deposit.$1000 at 0.89% compounded semianually for 3 years.The compound amount is $.(Do not round until the final answer. Then round to the nearest cent as needed.)

Principal amount: P=$1000Interest Rate is: 0.89% compounded semianuallyTime period is: 3 years.

Answered: The following certificate of deposit…

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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