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Emilee put $3000 in a 2-year CD paying 4% interest, compounded monthly. After 2 years, she withdrew all her money. What was the amount of the withdrawal? A.$3448.13 B.$3000.00 C.$3249.43 D.$3214.41
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Emilee put $3000 in a 2-year CD paying 4% interest, compounded monthly. After 2 years, she withdrew all her money. What was the amount of the withdrawal?

A.$3448.13
B.$3000.00
C.$3249.43
D.$3214.41

User Perigee
by
5.6k points

1 Answer

2 votes
A=p (1+r/k)^kn
A=3,000×(1+0.04÷12)^(12×2)
A=3,249.43
User Trees
by
5.7k points
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