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Finance

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How much is a 9 month CD worth that started out at $1,000.00 at 4.40% worth after 15 years

  • Finance - ,

    Pt = Po(1+r)^n,
    r = 4.40%/yr * 0.75yr = 3.3% = 0.033 = rate per compounding period expressed as a decimal.

    n = 15yrs / 0.75yr/comp.Period = 20 Comp. periods.

    Pt = 1000(1.033)^20 = $1914.28.

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