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Gabriel put 6000 in a 2 year CD paying 4% interest, compounded monthly. After 2 years , he withdrew all his money. what was the amount of the withdrawal?

Gabriel put 6000 in a 2 year CD paying 4% interest, compounded monthly. After 2 years , he withdrew all his money. what was the amount of the withdrawal?
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gabriel put 6000 in a 2 year CD paying 4% interest, compounded monthly. After 2 years , he withdrew all his money. what was the amount of the withdrawal?

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User Dan Torrey
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1 Answer

6 votes

amount after 2 years = 6000(1 + (0.04/12))^24 = 6498.86
answered
User Hans Schreuder
by
8.4k points
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