Certificate of deposit-invested full amount in mutual fund

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Reference no: EM131048509

Mary Stahley invested $1500 in a 12-month certificate of deposit (CD) that earned 9.5% annual simple interest. When the CD matured, she invested the full amount in a mutual fund that had an annual growth equivalent to 20% compounded annually. How much was the mutual fund worth after 12 years? (Round your answer to the nearest cent.)

Reference no: EM131048509

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