Question

Suppose you obtain a $3,000 Certificate of Deposit (CD) with a 3% annual rate, paid quarterly,...

Suppose you obtain a $3,000 Certificate of Deposit (CD) with a 3% annual rate, paid quarterly, with maturity in 5 years.

a. What is the future value of the CD in 5 years?
b. How much interest will you earn?
c. What percent of the balance is interest?

Please show work, if possible in excel showing formulas used

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