Question

Your fixed expenses are $1,763.25/month. You saved 6 months' worth for an emergency fund in a savings account earning a 4.5% APR over 3 years. After 3 years, you withdrew $4,360.00 because of losing your job. What is your balance after the withdrawal?

Answer 1

$7,712.97 <--That is the answer I got. Just seeing if anyone could check it.

Answer 2

You have 1763.25*6 = 10,579.50 dollars to invest

Answer 3

You invest it for 3 years at 4.5% (simple I'm assuming) interest

so you gain 10579.50*(0.045)*3 = 1428.23 dollars in interest alone over 3 years

Answer 4

which means you have 10579.50+1428.23 = 12007.73 dollars in the account total after 3 years

Answer 5

Now withdraw 4360 to get

12007.73 - 4360 = 7647.73

So you were close