About the certificate of deposit

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Reference no: EM13976556

Kyle has $1,000 in cash received for high school graduation gifts from various relatives. He wants to invest it in a certificate of deposit (CD) so that he will have a down payment on a car when he graduates from college in five years. His bank will pay 6%, compounded annually, for the five- year CD. How much will Kyle have in five years to put down on his car?

Reference no: EM13976556

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