Find the Value of a $3,000 Certificate in 2 Years

question 109

Short Answer

Find the value of a $3,000 certificate in 2 years, if the interest rate is 10% compounded annually.
Please round the answer to the nearest cent.
The value will be $ __________.

Understand the role of intuition in problem-solving and decision-making, including the stages of Bowers's model of intuition.

Recognize the application of problem-solving strategies in real-life scenarios.

Discern the characteristic features and manifestations of cognitive rigidity and inflexible thinking.

Understand the elements of cyber crimes and the applicable laws.

---

Definitions:

Quantity Demanded

Quantity demanded is the amount of a good or service consumers are willing and able to purchase at a specific price level within a given time period.

Price

The amount of money required to purchase a good or service, determined by factors like supply and demand, production costs, and market competition.

Normal Good

A type of good for which demand increases when consumer income rises and decreases when consumer income falls.

Income

Money received, especially on a regular basis, for work or through investments.