Anthony wants to buy cd for $400 that earns 2.5% apr and is compound quarterly. the cd matures in 3 years. hi interest earned will not be reinvested in the cd. what will anthony total interest earned be at the date of maturation? apex a. $60.00 b. $30.00 c. $15.00 d. $7.50

The correct option is:   B.  $30.00

Step-by-step explanation:

The formula for compound interest is.......

, where A= Final amount, P= Initial amount, r= rate of interest in decimal form, n= number of compounding in a year and t= time duration in years.

Anthony wants to buy CD for $400 that earns 2.5% APR and is compound quarterly and the CD matures in 3 years.

So here,  

As the CD is compounded quarterly, so here  

Plugging these values into the above formula......

So, the amount of total interest earned

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