A bank offers a CD that pays a simple interest rate of 11.5%. How much must you put in this CD now in order to have $3,000 for a

Question

A bank offers a CD that pays a simple interest rate of 11.5%. How much must you put in this CD now in order to have $3,000 for a home-entertainment center in 2 years. The present value that must be invested to get $3,000 after 2 years at an interest rate of 11.5% is (Round up to the nearest cent.)

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