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. $2500 at 5% compounded daily for 8 years. What is the compound amount? $ (Round to the nearest cent.) What is the interest earned? $ (Round to the nearest cent.)
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. $2500 at 5% compounded daily for 8 years. What is the compound amount? $ (Round to the nearest cent.) What is the interest earned? $ (Round to the nearest cent.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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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.
$2500 at 5% compounded daily for 8 years.
What is the compound amount?
(Round to the nearest cent.)
What is the interest earned?
(Round to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F24dc6e98-c8af-4d8b-8b32-07d76b901d13%2Fbdd76f7e-147c-4b20-95e3-7c2b2a09e370%2Fdt1fytc_processed.png&w=3840&q=75)
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.
$2500 at 5% compounded daily for 8 years.
What is the compound amount?
(Round to the nearest cent.)
What is the interest earned?
(Round to the nearest cent.)
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