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allochka39001 [22]
3 years ago
6

Gabriel put $6000 in a 2-year CD paying 4% interest, compounded monthly. After 2 years, he withdrew all his money. What was the

amount of the withdrawal?
Business
2 answers:
NeTakaya3 years ago
5 0
First, we calculate for the effective annual interest given the interest in the scenario. 
                          ieff = (1 + i/m)^m - 1
Substituting the values,
                          ieff = (1 + 0.04/12)^12 - 1 = 0.0407
The effective interest is equal to 4.07%. 

The future amount after 2 years,
                         F = ($6000) x (1.0407)^2 = $6498.86
Talja [164]3 years ago
4 0

Answer: 6498.86

For apex

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Answer:

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