Myron put $5000 in a 2-year CD playing 3% interest, compounded monthly. After 2 years, he withrew all his money. What was the am

Question

4 years ago

10

ount of the withdrawal?

2 answers:

alexdok [17] · Answer 1 · 2021-12-31T08:23:59+03:00

6 0

Answer:

$5308.79

Step-by-step explanation:

a.p.e.x

olga nikolaevna [1] · Answer 2 · 2021-12-31T07:08:17+03:00

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.

Filling in the given numbers, we have ...

FV = $5000(1 +.03/12)^(12·2) ≈ $5308.79

Myron's withdrawal will be in the amount of $5308.79.