A recent high school graduate received $600 in gifts of cash from friends and relatives. In addition, she received three scholarships in the amounts of $250, $300, and $1500. If she takes all her gift and scholarship money and invests it in a 24-month CD paying 4% interest compounded daily, how much will the graduate have when she cashes in the CD at the end of the 24-months? The graduate will have $ when she cashes in the CD. (Round to the nearest cent as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...
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A recent high school graduate received $600 in gifts of cash from friends and relatives. In addition, she received three scholarships in the amounts of $250, $300, and $1500. If she takes all her gift and scholarship
money and invests it in a 24-month CD paying 4% interest compounded daily, how much will the graduate have when she cashes in the CD at the end of the 24-months?
The graduate will have $ when she cashes in the CD.
(Round to the nearest cent as needed.)
Transcribed Image Text:A recent high school graduate received $600 in gifts of cash from friends and relatives. In addition, she received three scholarships in the amounts of $250, $300, and $1500. If she takes all her gift and scholarship money and invests it in a 24-month CD paying 4% interest compounded daily, how much will the graduate have when she cashes in the CD at the end of the 24-months? The graduate will have $ when she cashes in the CD. (Round to the nearest cent as needed.)
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