Mariah invested $10,000 in a bank certificate of deposit at a rate of 5% interest compounded annually for three years. The total amount of interest compounded over the three years is $1,500. True O False

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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Mariah invested $10,000 in a bank certificate of deposit at a rate of 5% interest compounded annually for three years.
The total amount of interest compounded over the three years is $1,500.
True
False
Transcribed Image Text:Mariah invested $10,000 in a bank certificate of deposit at a rate of 5% interest compounded annually for three years. The total amount of interest compounded over the three years is $1,500. True False
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