Sep Ira Penalties

August 8th, 2010

Question: I am having a difficult time figuring out this business math question. could someone please help? thx?

John Smith saw the following advertisement. Could you show him how $179.18 was calculated? (Omit the “$” sign in your response.)
$ ______ ×_______ ×_____ /_______ = $ ________

*As of January 31, 200X, and subject to change. Interest on the 8-month CD is credited on the maturity date and is not compounded. For example, a $5,000, 8-month CD on deposit for an interest rate of 5.45% (5.55% APY) will earn $179.18 at maturity. Withdrawals prior to maturity require the consent of the bank and are subject to a substantial penalty. There is $500 minimum deposit for IRA, SEP IRA, and Keogh CDs (except for 8-month CD for which the minimum deposit is $1,000). There is $1,000 minimum deposit for all personal CDs (except for 8-month CD for which the minimum deposit is $5,000). Offer not valid on jumbo CDs.

Answer: i cant help u

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