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26 October, 14:35

Allan put $7000 in a 2-year CD paying 3% interest, compounded monthly. After 2 years, he withdrew all his money. What was the amount of the withdrawal?

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  1. 26 October, 14:42
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    I believe he would have $7,432 once he withdraws it. The formula is A = P (1 + r/n) ^ (nt)
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