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An annual interest rate of 5 percent is ...

An annual interest rate of 5 percent is paid to a CD (certificate of deposit) account. If the account now had a balance of $420.00, what was the balance of the account before the annual interest was paid?

A

375

B

393.85

C

400

D

419.85

Text Solution

Verified by Experts

The correct Answer is:
C
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