Compound interest calculation
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1. You played the lottery numbers 245 straight and boxed, and won $2311.40. You want to go on vacation to the Dude Ranch and figure you need $2500.00 to afford it in two years. At Charter One Bank, they are offering a 2 year CD at 4% compounded annually. If you invest the money with Charter One, will you have enough for the after 2 years?
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Solution Summary
A brief solution on the calculation of compound interest in order to increase your savings.
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