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Alenkasestr [34]
3 years ago
15

Suppose you buy a CD for $300 that earns 3% APR and is compounded quarterly. The CD matures in 5 years. Assume that if funds are

withdrawn before the CD matures, the early withdrawal fee is 3 months' interest. What is the early withdrawal fee on this account?
A. $2.25
B. $6.00
C. $3.75
D. $1.25
Mathematics
1 answer:
klio [65]3 years ago
4 0
Value of the CD after 3 months is given by 300(1 + 0.03 / 4) = 300(1 + 0.0075) = 300 x 1.0075 = $302.25.
Therefore, interest for 3 months = $302.25 - $300 = $2.25
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Y = total amount of money spent
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So our expression is:
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4x stands for 4 drinks times x price of one drink
The 12.75 is a one time fee for the pizza, since Kiyo isn't buying multiple pizzas.

The problem also asks us to find the total price, so we write an equation:

y = 4x + 12.75
We insert what x is which in this case is $3
y = 4(3) + 12.75
Order of Operations tells us to multiply first:
y = 12 + 12.75
Now add your values:
y = 24.75
Therefore, Kiyo spent a total amount of 24.75 at Paola's pizza.

Let's check our problem just in case:

24.75 = 4x + 12.75
Since we now know what y is equal to, we can plug that into our original equation and check just to verify

We should subtract 12. on both sides of the equation because of inverse operations:

24.75 - 12.75  = 12.75 - 12.75 + 4x
We are left with:

12 = 4x
We divide:
\frac{12}{4}  =  \frac{4x}{4}
Our result is:
3 = x
Which checks out because each drink was in fact, $3 dollars as stated in the word problem. Hope that was thorough enough.


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