Tony invested $5,500 in a four-year cd that paid 4.8% interest, but later needed to withdraw $475 early. if the cd’s penalty for early withdrawal was three months’ worth of interest on the amount withdrawn, how much of a penalty did tony pay?   a. $5.70 b. $22.80 c. $60.30 d. $66.00  

Option A - $5.70

Step-by-step explanation:

Given : Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of interest on the amount withdrawn.

To find : How much of a penalty did Tony pay?

Solution :

We find the interest on the penalty,

Amount withdraw = $475

Interest rate = 4.8%=0.048

Penalty Time = 3 months = 3/12 years

The amount of penalty is $5.70

Therefore, Option A is correct.

step-by-step explanation:

because 1/3 is a fraction. we can tell because there is a divisor symbol between the 1 and the 3. if we were to add 2 fractions together, we would add the numerators, which is the number on top, but not the denominators, which is the number on the bottom

1/3+1/3=2/3

hope this !

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