Using daily compounding, calculate the compound amount (in $) of a $7,000 investment for each of the three CDs. The First National Bank is offering a 5 year CD at 3% interest. The Second National Bank is offering a 5 year CD at 4% interest. The Third National Bank has a 5 year CD at 5.5% interest.

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ISBN:9780470458365
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Using daily compounding, calculate the compound amount (in $) of a $7,000 investment for each of the three CDs.
  • The First National Bank is offering a 5 year CD at 3% interest.

 

  • The Second National Bank is offering a 5 year CD at 4% interest.

 

  • The Third National Bank has a 5 year CD at 5.5% interest.

First National Bank = $

 

Second National Bank = $

 

Third National Bank = $

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