Answer:
Marcus will receive a total of $17,542.2 when he redeems the certificate of deposit (CD) at the end of 10 years
Step-by-step explanation:
Principal(p)=$13,000
Rate(r)=3.0%
Period(n)=12 months
Time(t)=10 years
A=p(1+r/n)^nt
=13,000(1+0.03/12)^12*10
=13,000(1+0.0025)^120
=13,000(1.0025)^120
=13,000(1.3494)
=17,542.2
A=$17,542.2
Marcus will receive a total of $17,542.2 when he redeems the certificate of deposit (CD) at the end of 10 years
