Freddy purchased a certificate of deposit for $20,000 on January 1, 2010. The ce

Freddy purchased a certificate of deposit for $20,000 on January 1, 2010. The certificate’s maturity value in two years (December 31, 2011) is $22,050, yielding 5% before-tax interest.
Question:Freddy purchased a certificate of deposit for $20,000 on January 1, 2010. The certificate’smaturity value in two years (December 31, 2011) is $22,050, yielding 5% before-tax interest….