If You Deposit $5,000 into a CD (Certificate of Deposit)

question 27

Essay

If you deposit $5,000 into a CD (certificate of deposit) that pays 3% simple interest for 5 years, what is its value at maturity?

---

Definitions:

Federal Laws

Laws enacted by the national government of a country that apply to the entire nation, superseding state and local laws where there is conflict.

Beneficiary

An individual or entity entitled to benefits or assets under a will, trust, insurance policy, or other legal instrument.

Insured

A person or entity covered by an insurance policy.

Insurance Agency

A business that sells, solicits, or negotiates insurance policies on behalf of insurers.