Asked by Wanda
Explanation on how to work this problem.
Claire has invested $10,000 in a 15 month CD that pays an annualized rate of 9.02% . How much interest will Claire receive at maturity?
Claire has invested $10,000 in a 15 month CD that pays an annualized rate of 9.02% . How much interest will Claire receive at maturity?
Answers
Answered by
Ms. Sue
Interest = principal * rate * time
I = 10,000 * 0.0902 * 1.25
I = $1,127.50
I = 10,000 * 0.0902 * 1.25
I = $1,127.50
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