What Interest Will Be Earned If $5,800 Is Invested for 2

question 92

Multiple Choice

What interest will be earned if $5,800 is invested for 2 years at an annual rate of 9% compounded monthly? Round your answer to the nearest cent. ​

• A)$7,586.35
• B)$6,635.80
• C)$7,191.44
• D)$6,939.20
• E)$45,884.28

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Definitions:

CD's

Certificates of Deposit, a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.

Second Sale

The sale that occurs subsequent to an initial purchase, often used in retail or property contexts.

Number Series

A sequence of numbers in which there is a specific relationship or pattern between successive numbers.

Fractions

Portions of a whole number, symbolized by two integers separated by a slash, with one part representing a portion of the whole.