Suppose you buy a cd for $300 that earns 3% apr and is compounded quarterly. the cd matures in 3 years. how much will this cd be worth at maturity? a. $309.12 b. $309.10 c. $328.14 d. $303.01

Given: Principal Amount (P) = $300

The rate of interest (r) = (3/4) compounded quarterly.

No. quarters in 3 years (n) = 3×4 = 12

To find: The amount for the CD on maturity. Let it will be (A)

Formula: Compound Amount (A) = P [ 1 + (r ÷100)]ⁿ

Now,   (A) = P [ 1 + (r ÷100)]ⁿ

or,            = $300 [ 1 + (3 ÷400)]¹²

or,            = $300 × [ 403 ÷ 400]¹²

or,            = $300 × 1.0938069

or,            = $ 328.14

Hence, the correct option will be C.$328.14

C. $328.14

Step-by-step explanation:

We have been given that you bought a CD for $300 that earns 3% APR and is compounded quarterly. The CD matures in 3 years.

To find the value of CD at maturity, we will use compound interest formula.

, where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest in compounded per year.

t = Time in years.

Substitute the given values:

Therefore, the CD will be worth $328.14 at maturity.

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step-by-step explanation: