What would be the ending balance on a 5 year CD?

Question

let's say $5,000 in a 5 year CD with a 6.5% interest rate, compounded anually

Answer 1

Since it is compounded annually, just multiply your principle by 1.065 five times:

$5000 @ 6.5% becomes $5325 after one year, $5671.13 after two years, $6039.75 after three years, $6432.34 after four years, and after five years has an ending balance of $6850.44...

Answer 2

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Answer 3

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