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What will the balance in your account be

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Question - You deposit $6,151 in a CD with First Bank of Terlingua. The bank promises a fixed APR of 5.9% per year with monthly compounding. The CD has a life of 9 years. The interest is paid at the end of each month.

Underlying assumptions: You leave the principal and interest in the account for the life of the CD rather than withdrawing it.

The bank stays solvent for this period (and thus can keep its promise to pay you). What will the balance in your account be at the end of the life of the CD?

Reference no: EM132856255

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