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QUESTION
1. Suppose you have $1,000 and plan to purchase a 10-year certificate of deposit (CD) that pays 2.0% annual interest, compounded monthly . How much
1. Suppose you have $1,000 and plan to purchase a 10-year certificate of deposit (CD) that pays 2.0% annual interest, compounded monthly. How much will you have when the CD matures?
(Hint: You need to convert the annual interest rate 2.0% into the monthly interest rate, and convert 10 years int
