aditikiragi aditikiragi

14-06-2017
Mathematics

contestada

Suppose you buy a CD for $300 that earns 3% 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 Assume that if funds are withdrawn before the CD matures, the early withdrawal fee is 3 months' interest. What is the early withdrawal fee on this account?

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randahlschreck randahlschreck

14-06-2017

Value of the CD after 3 months is given by 300(1 + 0.03 / 4) = 300(1 + 0.0075) = 300 x 1.0075 = $302.25.
Therefore, interest for 3 months = $302.25 - $300 = $2.25

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jboktor6815 jboktor6815

12-06-2019

Answer:

$2.25 apex ------

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