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14.1 How to accumulate personal wealth  (Page 8/13)

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  • Card 8 / 13:
    You open a 5-year CD for $1,000 that pays 2% interest, compounded annually. What is the value of that CD at the end of the 5 years?

    Principal(1 + interest rate) time = $1,000(1+0.02) 5 =$1,104.08

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Practice FlashCards 8 Key Terms 2

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Source:  OpenStax, Openstax microeconomics in ten weeks. OpenStax CNX. Sep 03, 2014 Download for free at http://legacy.cnx.org/content/col11703/1.2
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