mevslinecamille mevslinecamille

02-04-2017
Mathematics

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Suppose you buy a CD for $900 that earns 8% APR and is compounded quarterly. The CD matures in 3 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 Assume that if funds are withdrawn before the CD matures, the early withdrawal fee is 3 months' interest.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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Aliwohaish12 Aliwohaish12

02-04-2017

A=p(1+i/m)^mn
A=900×(1+0.08÷4)^(4×3/12)
A=918
I=900-918=18
So the early withdrawal fee is 18

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