You have received a gift of $10,000 and know you will not be…
You have received a gift of $10,000 and know you will not be using this money for several years. You, therefore, have the option of either putting your money into a 6 year CD with a 4.5% APY or you can put your money into your savings account earning 3% APY. Show how much money you will have in each account after 5 years. Money after 5 years in CD $[CD] Money after 5 years in Savings Acount $[Savings_Account] Which option would you choose? [Option1] Why?[Option2]
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