You invested $5,000 into a certificate of deposit (CD) today and agreed to leave it in the CD for the next 5 years. The CD pays a 6% annual interest rate, compounded semi-annually.   What is the value of the CD at the end of 5 years? $8,954.24 $6,391.13 $28,185.46 $6,719.58

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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You invested $5,000 into a certificate of deposit (CD) today and agreed to leave it in the CD for the next 5 years. The CD pays a 6% annual interest rate, compounded semi-annually.  

What is the value of the CD at the end of 5 years?

$8,954.24
$6,391.13
$28,185.46
$6,719.58
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