Question

@calculusxy

Myron put $5000 in a 2-year CD paying 3% interest, compounded monthly. After 2 years, he withdrew all his money. What was the amount of the withdrawal?

A. $5155.18
B. $5556.18
C. $5000.00
D. $5308.79

Answer 1

huh? in numbers please

Answer 2

so in divide?

Answer 3

What do you mean?

Answer 4

at the end

Answer 5

im not good with word problems thats why i said use numbers

Answer 6

Okay to be more specific I will give you this formula which you can use:

Answer 7

Do you get it?

Answer 8

@divagirl421

Answer 9

im trying

Answer 10

Okay after you are done tell me your answer so that I can check

Answer 11

is it squared at the end?

Answer 12

No it is to be multiplied with the number of periods

Answer 13

ok

Answer 14

hi calculusxy

Answer 15

hi

Answer 16

need any help

Answer 17

I am helping divagirl421

Answer 18

13,000?

Answer 19

How did you get that answer? Can you show me?

Answer 20

5,000(1+.3)*2

Answer 21

You mean 0.03

Answer 22

i got 10,300

Answer 23

I think that it was to be squared, sorry for misinformaton

Answer 24

5304.5

Answer 25

I think that it is D. Yup!