14.Mariah invested $10,000 in a bank certificate of deposit at a rate of 5% interest compounded annually for three years. The total amount of interest compounded over the three years is $1,500. True or False?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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14.Mariah invested $10,000 in a bank certificate of deposit at a rate of 5% interest compounded annually for three years.

The total amount of interest compounded over the three years is $1,500.

True or False?
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