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How much should the certificate of deposit be worth

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Reference no: EM132842523

Problem 1: REI Inc. purchased a five-year certificate of deposit for its building fund in the amount of $220,000. How much should the certificate of deposit be worth at the end of five years if interest is compounded at an annual rate of 9%?

A) $855,723

B) $338,496.

C) $142,985

D) $319,000

Reference no: EM132842523

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