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When Jane was 20 years old, she deposited $1000 into a 20-year
certificate of deposit (CD) account that earns interest
compounded daily at a better rate than her standard savings
account. She must leave the money in the account for 20 years
without making any withdrawals or deposits. Six years later, she
has $1370 in the account. Determine how much money Jane will
have in her CD after 20 vears.

Answer :

MICHELL96GO

The money Jane will have after 20 years will be $2,233 in her account.

How to calculate how much money Jane will have after 20 years?

To calculate the money that Jane will earn in interest after 20 years, we must perform a rule of three as shown below.

  • 20 × $370 = 7,400
  • 7400 ÷ 6 = $1,233

According to the above, Jane will earn $1,233 in interest, which means that after 20 years she will have $2,233.

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