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

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Expert Answer

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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A = P 1 where A is the amount of money accumulated after n months, including interest

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