Question

Asked Sep 2, 2019

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To help pay for a class trip at the end of their senior year, the junior class at a high school invests$1700 from fund raisers in an 18mth cd paying 4.9% interest compounded monthly. Determine the amount the class will receive when it cashes the cd after 18 mths

Step 1

__Given information:__

Principal amount (*P*)= $1700

Rate of interest (*r*)= 4.9% = 0.049

Compounded monthly (*n*) = 18

Step 2

Compound interest...

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