The early withdrawal fee on this account is $6.25
Step-by-step explanation:
Suppose you buy a CD for $1000
- It earns 2.5% 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- Assume that if funds are withdrawn before the CD matures, the early withdrawal fee is 3 months' interest
We need to find the early withdrawal fee on this account
∵ The annual interest is 2.5%
- Change it to decimal
∵ 2.5% = 2.5 ÷ 100 = 0.025
∴ The annual interest rate is 0.025
∵ The interest is compounded quarterly
∴ The interest rate per quarter = 0.025 ÷ 4 = 0.00625
∵ The early withdrawal fee is 3 months' interest
∵ You buy the CD for $1000
∵ A quarter year = 3 months
∴ The early withdrawal fee = 1000 × 0.00625 = $6.25
The early withdrawal fee on this account is $6.25
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You can learn more about the interest in brainly.com/question/11149751
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1: 11/28
2: 67/72
3: 1 11/30
Parallel = same slope
y = -2/3x + b
Plug in point
15 = -2/3(-3) + b
15 = 2 + b, b = 13
Solution: y = -2/3x + 13
X=2h, y=3k
Substitute these values into equations.
y+2x = 4 ------> 3k+2*2h=4 -----> 3k +4h =4
2/y - 3/2x = 1-----> 2/3k -3/(2*2h) = 1 ------> 2/3k - 3/4h =1
We have a system of equations now.
3k +4h =4 ------> 3k = 4-4h ( Substitute 3k in the 2nd equation.)
2/3k - 3/4h =1
2/(4-4h) -3/4h = 1
2/(2(2-2h)) - 3/4h = 1
1/(2-2h) -3/4h - 1=0
4h/4h(2-2h) -3(2-2h)/4h(2-2h) - 4h(2-2h)/4h(2-2h) =0
(4h- 3(2-2h) - 4h(2-2h))/4h(2-2h) = 0
Numerator should be = 0
4h- 3(2-2h) - 4h(2-2h)=0
Denominator cannot be = 0
4h(2-2h)≠0
Solve equation for numerator=0
4h- 3(2-2h) - 4h(2-2h)=0
4h - 6+6h-8h+8h² =0
8h² +2h -6=0
4h² + h-3 =0
(4h-3)(h+1)=0
4h-3=0, h+1=0
h=3/4 or h=-1
Check which
4h(2-2h)≠0
1) h= 3/4 , 4*3/4(2-2*3/4)=3*(2-6)= -12 ≠0, so we can use h= 3/4
2)h=-1, 4(-1)(2-2*(-1)) =-4*4=-16 ≠0, so we can use h= -1, also.
h=3/4, then 3k = 4-4*3/4 =4 - 3=1 , 3k =1, k=1/3
h=-1, then 3k = 4-4*(-1) =8 , 3k=8, k=8/3
So,
if h=3/4, then k=1/3,
and if h=-1, then k=8/3 .
