Ethan put $4000 in a 2-year cd paying 5% interest, compounded monthly. after 2 years, he withdrew all his money. what was the amount of the withdrawal? a. $4419.76 b. $4000.00 c. $4254.41 d. $4244.45
2b2t

A. $4419.76

WHICH IS APPROXIMATELY $4420

Explanation: To calculate for compound interest we need the formula Amount A = P(1+r/n)^(nt)

P = principal = $4000

r = rate in decimal= 0.05

n= number of months= 24

t = number of years

A= 4000(1+(0.05/24))^(24*2)

A = 4000(1+(2.083*10^-3))^48

A= 4000(1.002083333)^48

A = 4000*1.105055962

A = $4420.22

Approximately $4420

12.4%

Step-by-step explanation:

The results from the random sample counts 124 from a total of 1000 people that wear contact lenses. This means is the percentageof the people in the sample that wear contact lenses.Because it is a random sample, it is suppose to reflect the behavior of the total population. Then we can expect or predict  similar percentage of Americans wearing contact lenses (12.4%).