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1. Aaron has a certificate of deposit that will be worth $6,800 at maturity. The market rate for CD's like this is 6.7% annually, with monthly compounding. If the CD is meant to mature 7 years after purchase, what was the price Aaron paid for the CD?
A. $4,259.82
B. $4,318.75
C. $971.43
D. $4,270.83
2. Aaron has a certificate of deposit that will be worth $6,800 at maturity. The market rate for CD's like this is 6.7% annually, with monthly compounding. If the CD is meant to mature 7 years after purchase, what was the price Aaron paid for the CD?
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