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sasho [114]
3 years ago
10

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

ount of the withdrawal?
Mathematics
2 answers:
alexdok [17]3 years ago
6 0

Answer:

$5308.79

Step-by-step explanation:

a.p.e.x

olga nikolaevna [1]3 years ago
5 0

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.

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