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[See] Shane has just received a $5,000 inheritance from his grandmother. He invests the money in his bank’s money market account which earns 4.5% stated

Question: Shane has just received a $5,000 inheritance from his grandmother. He invests the money in his bank’s money market account which earns 4.5% stated annual interest (APR) compounded monthly.

  1. After one year, what will be the total value in Shane’s money market account?
  2. Six months after investing his inheritance, Shane’s car breaks down and needs $2500 in repairs. Shane decides to withdraw the money from his inheritance account to pay for the repairs. How much money will he have at the end of the year?

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