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24 December, 10:07

Today you deposited $15,000 into a 5-year CD that will pay 6 percent interest. How much will you withdraw from the account in 5 years? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)

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  1. 24 December, 10:25
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    The answer is 20073.38

    Explanation:

    FV = A * (1 + i) ^n

    FV = $15,000 * (1.06) ^5 = 20073.38

    20073.38 will be withdrawn from the account in 5 years
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