Answer:
$5308.79
Step-by-step explanation:
The future value can be computed from ...
FV = P(1 +r/n)^(nt)
where P is the principal invested, r is the annual interest rate, n is the number of times per year it is compounded, and t is the number of years.
You have P = $5000, r = 0.03, n = 12 (months per year), t = 2.
Filling in the given numbers, we have ...
FV = $5000(1 +.03/12)^(12·2) ≈ $5000(1.0617570) ≈ $5308.79
The amount of the withdrawal will be $5308.79.
