MrNailor Invests $5,000 in a Certificate of Deposit at His

question 88

Multiple Choice

Mr.Nailor invests $5,000 in a certificate of deposit at his local bank.He receives annual interest of 8% for 7 years.How much interest will his investment earn during this time period?

• A) $2,915
• B) $3,569
• C) $6,254
• D) $8,570

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Definitions:

Confidence Interval

A statistical range, with a given probability, that is likely to contain the true value of an unknown parameter.

Checking Account Balance

The amount of money currently available in a person's or entity's checking account.

Credit Union

A member-owned financial cooperative, providing savings, credit, and other financial services to its members.

Confidence Interval

A statistical range, with a certain probability, where a true population parameter is expected to lie.