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xxTIMURxx [149]
3 years ago
13

A bank offers a four year cd with an interest rate of 2.75%. The penalty for early withdrawal from the CD is nine months of simp

le interest, calculated on the amount withdrawn. Rachel invests $6,200. If she withdraws $2250 after one year, how much will the penalty be? Round answer to the nearest dollar.
Mathematics
1 answer:
eimsori [14]3 years ago
5 0

Answer:

The penalty will be $46

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

I is the Final Interest Value

P is the amount withdrawn

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=9/12\ years\\ P=\$2,250\\r=0.0275

substitute in the formula above

I=2,250(0.0275)(9/12)

I=\$46

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