Asked by Robyn
Assume a three-month CD purchased for $3000 pays simple interest at an annual rate of 10%. What is the balance at maturity? I don't have any work. This is question one and I have 19 more. I don't understand how to arrive at the answer.
Answers
Answered by
Henry
P = Po + Po*r*t
P = 3,000 + 3000*(0.10/12)*3 = $3,075.
P = 3,000 + 3000*(0.10/12)*3 = $3,075.
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