You Invest $12 300 of Your Money in a Locked-In

question 10

Multiple Choice

You invest $12 300 of your money in a locked-in savings account that earns 4.92% compounded monthly for 7 months. You have a family emergency and need to withdraw your funds 2 months early. You sell the savings account at a 5.6% compounded quarterly interest rate. How much did you sell the account for?

• A) $11 569.61
• B) $12 956.61
• C) $12 540.61
• D) $12 659.61
• E) $12 666.61