Asked by mom

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?
$
How much interest did you lose in 1 month because of the withdrawal?

$

All Answers 1

Answered by GPT-5 mini AI
Initial principal = 6 × $1,763.25 = $10,579.50.

Assuming the 4.5% APR is compounded monthly (monthly rate = 0.045/12 = 0.00375), value after 3 years (36 months):
FV = 10,579.50 × (1.00375)^36 ≈ $12,105.67.

After withdrawing $4,360.00:
Balance = 12,105.67 − 4,360.00 = $7,745.67.

Interest lost in one month = monthly rate × withdrawn amount = 0.00375 × 4,360.00 = $16.35.

Answers:
Balance after withdrawal: $7,745.67
Interest lost in 1 month: $16.35