A certificate deposit(CD) pays
annual interest. \ \
Find the balance be after
years.
The compound interest formula is
.
Since compound interest is biweekly, then
.
Here,
and
.
Find the total amount.
\
(Compound interest formula)
(Substitute
and
)
(Multiply exponents)
(Simplify)
(Addition)
(Use caluculator:
)
(Multiply)
Thereore, the deposit of cd pays a balance of
after
years.
The deposit of cd pays a balance of
after
years.