How much would a $5,000 CD make in 5 years?

You may be aware that deposit accounts now offer impressive returns due to the Federal Reserve raising its target federal funds rate more than 10 times in the last couple of years. The federal funds rate forms the foundation for the interest rates financial institutions offer these accounts — and since the Fed’s rate is up, today’s returns are hard to ignore. 

And, one of the best ways to take advantage of today’s high interest rate environment is to open a certificate of deposit (CD). CDs offer a safe way to store your idle cash, and thanks to the Fed’s aggressive rate…