1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Svetllana [295]
3 years ago
8

Suppose you buy a CD for $1000 that earns 2.5% APR and is compounded

Mathematics
1 answer:
labwork [276]3 years ago
7 0

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  • Assume that if funds are withdrawn  before the CD matures, the early withdrawal fee is 3 months' interest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

Learn more:

You can learn more about the interest in brainly.com/question/11149751

#LearnwithBrainly

You might be interested in
Solve for the value of x.
77julia77 [94]

Answer:

x=4

Step-by-step explanation:

Given M is the midpoint

We know that midpoint of a line divides the line into two equal parts

Therefore on equating we get

4x  + 1 = 8x - 15

1 + 15 = 8x - 4x

16 = 4x

x = 4

4 0
2 years ago
Read 2 more answers
Meg dilated triangle W by a factor less than 1. Then she performed other transformations that were not dilations to create simil
ankoles [38]

Answer:

A. <em>X</em>(–2, 2), <em>Y</em>(–10, 2), <em>Z</em>(–6, 10)

Step-by-step explanation:

This looks a bit tough, but knowing that scale factors less than 1 are ½, ¼, etcetera, I come to this answer, also knowing that in the end, they must have an unproportional relationship.

I hope this is correct, and as always, I am joyous to assist anyone at anytime.

8 0
3 years ago
3 x 16 divided by 2-1
Aleonysh [2.5K]
It would be: 3* 16 /2-1
= 48 / 1
= 48

In short, Your Answer would be 48

Hope this helps!
4 0
3 years ago
WILL GIVE BRAINLIEST ASAP!!
Inga [223]

Answer: A) 1888 B) 664.225 C)?

Step-by-step explanation:

A= 42+76(1/2) = 59

59(32)=1888

A=163/10(163/4)=664.225

3 0
3 years ago
Pls help asap! to points give plus brainly
soldier1979 [14.2K]

Answer:

Step-by-step explanation:

Probability = 4/46 = 2/23

(2/23) *100 = 200/23   = 8.69% = 8.7%

3 0
3 years ago
Read 2 more answers
Other questions:
  • Two numbers have a difference of 0.7 and a sum of 1. What are the numbers?
    15·2 answers
  • the distance to Talamunda to velcratia is 700 miles. the train takes 5 hours to travel the distance. at what unit rate is the tr
    10·2 answers
  • Paige takes riding lessons 5 days per week for 2 1/4 hours each day. Maggie takes guitar lessons twice a week for 2 1/4 hours ea
    5·2 answers
  • What is the multiplicative inverse of 1/2
    8·1 answer
  • PLEASE help me solve this problem
    5·2 answers
  • What is the simplified form of the inequality below? S - 7 &lt; 3
    11·1 answer
  • The square root of 5 less than twice a number is 7. Find the number.
    13·1 answer
  • Pls help willl give brainlist
    8·2 answers
  • Resolve into partial fraction. (5x+2)/3x²+4x-4​
    10·1 answer
  • 19.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!