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Certificate of deposit that pays compounded interest

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Reference no: EM131572175

Find the future value of a $195,000 Certificate of Deposit that pays compounded interest every three months at the rate of 8% per year. The CD has a term of 7 years.

a) Calculate the FV (Future Value) using the formula: FV = P(1 + R)N

Reference no: EM131572175

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