ccar9o9riJohann ccar9o9riJohann
  • 07-12-2016
  • Mathematics
contestada

Assume a 30-month cd purchased for $3000 pays simple interest at an annual rate of 5.5%. how much total interest does it earn? what is the balance at maturity?

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aly0266luvsu
aly0266luvsu aly0266luvsu
  • 08-12-2016
It will earn 0.55 x 4000 = ? annually. 
? x 2.5 years = total interest earned. 
4000 + interest earned = balance at maturity.
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