Myron put [tex]$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?
A. $[/tex]5156.71
B. [tex]$5308.79
C. $[/tex]5000.00
D. $5152.08

Question

Elizabethrussell46idn Elizabethrussell46idn

29-07-2024
Mathematics

Answered

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Myron put [tex]$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?
A. $[/tex]5156.71
B. [tex]$5308.79
C. $[/tex]5000.00
D. $5152.08

Sagot :

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