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Abena's CD compounded annually was worth how much after 3 years?

A$1,241.86
B$1,124.86
C$1,142.86
D$1,214.86
Answer & Solution
Correct answer: B. $1,124.86
1. The principal was $1,000 at 4 per cent. 2. Interest was added at the end of each year. 3. The CD was worth $1,124.86. _Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_
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