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Myron put $5000 in a 5 year CD paying 3% interest compounded monthly. After 2 years he withdrew all his money and as an early withdrawal penalty he paid back all the interest he made during the first year. How much money was Myron left with

Respuesta :

Answer:

$7128.80

Step-by-step explanation:

First, create an equation.

Use the formula f(t)=P(1+b)^t

Plug in the information.

Time will equal months.

f(12)=5000(1+0.03)^12

Solve.

f(12) = 7128.80

Myron was left with $7128.80.

Hope this helps!

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