How much interest was earned on the investment

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Reference no: EM13908975

Find the future value of a $160,000 Certificate of Deposit that pays compounded interest every six months at the rate of 4% per year. The CD has a term of 5 years.

Calculate the FV (Future Value) using the “Future Value or Compound Amount of $1.00” table in your textbook.

Calculate the FV (Future Value) using the formula: FV = P(1 + R)^N

How much interest was earned on the investment?

Reference no: EM13908975

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