You bought a 23 year Certificate of Deposit for $25,924 that has an interest rate of 2.45% compounding daily. How much will the total worth of your CD be after 23 years? what am I doing wrong?

Question

You bought a 23 year Certificate of Deposit for $25,924 that has an interest rate of 2.45% compounding daily. How much will the total worth of your CD be after 23 years?  what am I doing wrong?

anonymous · Answer

$$25,924\times2.45=63,513.80\times23=1,460,817.40$$

anonymous · Answer

I believe that that is how you are going to solve it
please let me know if it is right

anonymous · Answer

$$A=25924\left( 1+\frac{ 2.45 }{ 100 } \right)^{23}=?$$

anonymous · Answer

this is the answer...$45,542.70  but I keep coming up with 45235.26