Question

Consider a certificate of deposit that pays 14% (annual percentage rate) on an initial deposit of $4000. The balance after 14 years is . Estimate , whereis the length of the compounding period (in years). Round your answer to the nearest hundredth.
A) 28,397.31
B) 1471.52
C) 4000.00
D) 56,000.00
E) 4560.00

Answer

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