Asked by Ambryian
You deposit $3000 in a CD (certificate of deposit) that earns 5.6% simple annual interest. How long will it take to earn $336 in interest?
Answers
Answered by
mathhelper
I = PRT
336 = (3000)(.056)(T)
T = 336/ (3000)(.056) = 2 years
336 = (3000)(.056)(T)
T = 336/ (3000)(.056) = 2 years
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