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 withdrawl?

The amount of the withdrawal after 2 years will be $ 4508.64

Step-by-step explanation:

Given : Doris put $ 4000 in a 2-year CD paying 6% interest, compounded monthly.          

We have to find the amount of the withdrawal.

Since given the principal amount is $ 4000 for 2 years  and

Rate is 6% = 0.06  

Since, interest is calculated compounded monthly

so monthly interest rate is

Using Formula for compound interest

Where A is amount

r is interest rate

n is time period

Substitute, we have,

Simplify, we have ,

A = 4508.64

Thus, The amount of the withdrawal after 2 years will be $ 4508.64

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