Andover Bank and Lowell Bank each sell one year certificates

Last updated: 9/4/2023

Andover Bank and Lowell Bank each sell one year certificates of deposit CDs The interest rates on these CDs are given in the table below for a three year period 2024 Bank Andover Bank Lowell Bank 99 496 2022 196 496 2023 296 4 Suppose you deposit 2 000 in a CD in each bank at the beginning of 2022 At the end of 2022 you take your 2 000 and any interest eamed and invest it in a CD for the following year You do this again at the end of 2023 At the end of 2024 the interest over this three year period at Andover Bank is Enter your response rounded to the nearest penny