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Reinvest the interest rather than withdrawing the interest

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Reference no: EM132131544

Donald is a college student who has $4125 in a savings that he earned from his summer job. He plans to leave the $4125 in a certificate of deposit(CD) with Goldman Sachs bank earning 2% for three years, but his banker has asked Donald whether he wants the interest earned on the CD mailed to him at the end of each year or reinvested in the CD. How much more will Donald earn if he decides to reinvest the interest rather than withdrawing the interest income each year?

Reference no: EM132131544

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