Acertificate of deposit often charges a penalty for withdrawing funds before the maturity date. if the penalty involves two months of interest, what would be the amount for early withdrawal on a cd paying 5 percent and valued at $24,000? (do not round intermediate calculations. round your answer to 2 decimal places.)

The amount for early withdrawal is $204

Step-by-step explanation:

Annual interest rate = 5% = 0.05

Investment = $24,000

Annual interest rate * Investment = Annual interest

0.05 * $24,000 = $1,200

Penalty = Two months of interest

(months/months in a year)  * Annual interest

(2/12) * $1,200 = 0,17

0,17 * $1,200 =  $204,00  

-362

step-by-step explanation:

(12)(4)+2(12)-34(12)+2(12)-3

  \/         \/         \/         \/

  48 +   24 -   408 + 24 - 3

      \   /               \   /

          72     -     432 - 3 = -363