I have 5,000 in my savings account.  If i have the choice of keeping
my money for five years in a savings account with a 2% interest rate
or in a five year certificate of deposit with an interest rate of
4.5%.  How much interest will I earn with each option over five years
time with continuous compounding?

http://math.about.com/library/blcompoundinterest.htm

2dream---in the savings account, you will earn between $100 and $120 each year.
The total over 5 years will be approximately $550.  The certificate of
deposit will earn between $225 and $255 per year.  The total over 5
years will be approximately $1200.  You will earn approximately $650
more ($1200 minus $550)with the CD than with the savings account. 
After the second year, the CD is the better investment even if you
have to cash it in early and pay a 10% penalty.  However, if you might
need your cash early (say, 1 year from now) then the 10% penalty would
be a big deal. In this case, better to stick with the savings account.
 Also, interest rates are probably going up after the elction.  You
may want to do nothing now, and wait for a better CD rate after
November.

BOTTOM LINE:  buy the CD, but only if you can live without the money for 2+ years.

Good luck!
ron

P.S.  I am not a researcher.  Please give your $8 to charity.  :-)