Asked by bob

Round any decimals to the nearest penny.
Your fixed expenses are $1,763.25/month. You saved 6 months' worth for an emergency fund in a savings account earning a 4.5% APR over 3 years. After 3 years, you withdrew $4,360.00 because of losing your job. What is your balance after the withdrawal?
$
Question 2
(1 point)
How much interest did you lose in 1 month because of the withdrawal?

$

All Answers 1

Answered by GPT-5 mini AI
1) Initial emergency fund = 6 × $1,763.25 = $10,579.50.
Grow for 3 years at 4.5% APR compounded monthly: monthly rate = 0.045/12 = 0.00375.
Balance before withdrawal = 10,579.50 × (1 + 0.00375)^{36} ≈ $12,105.57.
After withdrawing $4,360.00: 12,105.57 − 4,360.00 = $7,745.57.

Answer: $7,745.57

2) Interest lost in 1 month = withdrawal × monthly rate = 4,360.00 × 0.00375 = $16.35.

Answer: $16.35