You are given a birthday present of $5,000 from a friend. You immediately put the...
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Accounting
You are given a birthday present of $5,000 from a friend. You immediately put the money into a 2 year CD paying 4%. At the end of the two years you plan on taking out $2,500 to pay off student loans, reinvesting the remaining balance in a new CD for 3 years at 5%. What will your balance be at the end of year 5?
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