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So a certificate of deposit is a savings instrument that many banks offer. It usually gives a higher interest rate than a basic savings account, but you cant access your investment for a specified length of time. So now, suppose that we deposit $3,000 into a CD paying 6% interest compounded monthly. And we want to know how much well have in the account, after after 20 years. So first thing we need to I, do is identify our principal, or in other words, our starting amount in our account. Now, first off, notice that we are depositing $3,000, were doing that exactly once, which is why were talking about compound interest here. so my initial investment was $3000, lets hear whats my interest rate? My interest rate is 6% and of course thats an annual rate, interest rates are typically given as annual rates unless theyve specified otherwise. How many compounds am I going to do in a year? so were compounding monthly, monthly means theres 12 compounds in a year, in a y
