Mathematics, 01.01.2021 03:10 kenziewinkler7510
Michael has been saving his money and wants to invest it. After doing some research, he has decided to invest $20,000 into a Certificate of Deposit. The interest rate on the CD is 3% with a term of five years, and the interest is paid out annually. Based on recent inflation, Michael is planning on an annual inflation rate of 2%. How much interest will Michael earn on this CD in the first year, based on the real interest rate? $200 $600 $1,000 $1,400 IT IS NOT $600!!! THE CORRECT ANSWER IS $200 ON EDGE2020
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