Find the Compound Amount for the Certificate of Deposit

question 50

Multiple Choice

Find the compound amount for the certificate of deposit. Assume daily compounding using the following table. Round
to the nearest cent.
-Amount: $9,100
Rate: 2%
Years: 5

• A)$9,662.70
• B)$12,283.56
• C)$10,057.03
• D)$11,114.70

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Definitions:

Tort

An action that causes harm or injury to another person.

Estoppel

A legal principle that prevents someone from arguing something contrary to a claim they previously made or an action they took.

Authority

The right or power to act or to make a decision.

Third Party

An individual or group aside from the two primarily involved in a situation, agreement, or transaction, often providing additional services or playing a neutral role.