Doris put $4000 in a 2-year CD paying 6% interest, compounded monthly. After 2 years, she withdrew all her money. What was the amount of the withdrawal? A. $4000.00 B. $4214.41 C. $4508.64 D. $4448.13
The formula is A=p (1+r/k)^kt A amount of the withdrawal? P present value 4000 R interest rate 0.06 K compounded monthly 12 T time 2 years A=4,000×(1+0.06÷12)^(12×2) A=4,508.64
