Register
Doris put $4000 in a 2-year CD paying 6% interest, compounded monthly. After 2 years, she withdrew all her money. What was the amount of the withdrawal? A. $4000.00 B. $4214.41 C. $4508.64 D. $4448.13
123k views
0 votes
Doris put $4000 in a 2-year CD paying 6% interest, compounded monthly. After 2 years, she withdrew all her money. What was the amount of the withdrawal? A. $4000.00 B. $4214.41 C. $4508.64 D. $4448.13

User Clint Clinton
by
7.1k points

1 Answer

4 votes
The formula is
A=p (1+r/k)^kt
A amount of the withdrawal?
P present value 4000
R interest rate 0.06
K compounded monthly 12
T time 2 years
A=4,000×(1+0.06÷12)^(12×2)
A=4,508.64

So it's c
User Loyola
by
7.3k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.0m questions

10.7m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!