Gordon invested 51,000 into a CD compounded quarterly with an annual interest rate of 3.55%. Det

Name: Gordon invested 51,000 into a CD compounded quarterly with an annual interest rate of 3.55%. Determine how much money Gordon would have after 7 years. Round your answer to the nearest cent. Provide only a numerical answer (For example, if the final amount came to $5,023.97, then you would input 5023.97).
Uploaded: 2023-07-19T21:19:20-08:00
Duration: 1 min 9 s
Channel: Donna Densmore
Description: Gordon invested 51,000 into a CD compounded quarterly with an annual interest rate of 3.55%. Determine how much money Gordon would have after 7 years. Round your answer to the nearest cent. Provide only a numerical answer (For example, if the final amount came to $5,023.97, then you would input 5023.97).

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Vysakh M · Accepted Answer

First, we need to find the quarterly interest rate. Since the annual interest rate is 3.55%, we

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