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?

The balance in the account after the withdrawal = $7712.97

Step-by-step explanation:

Amount of fixed expenses in one month = $1763.25

Time interval of fixed expenses = 6 months

Total amount of fixed expenses for 6 months = 1763.25 × 6

                                                                            = $10579.50

Interest Rate = 4.5%

                      = 0.045

Time = 3 years

Total amount in account after 3 years = 10579.50 × ( 1 + 0.045)³

                                                               = $12072.97

Amount withdrawn from the account = $4360

So, amount that is left in the account = 12072.97 - 4360

                                                              = $7712.97

Hence, The balance in the account after the withdrawal = $7712.97