Mr. Nailor invests $5,000 in a certificate of deposit at his local bank. - 4692

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Mr. Nailor invests $5,000 in a certificate of deposit at his local bank. He receives annual interest of 8% for 7 years. How much interest will his investment earn during this time period? 

A) $2,915 

B) $3,570 

C) $6,254 

D) $8,570 

 

Answer: B Difficulty: Medium Type: Application 

 
Solution Description