Asked by Anonymous
Kerry Stutsman has $500 in a saving account earning .45% interest. She is considering buying a 1-year certificate of deposit (CD) that pays 3.25% interest. What will be the annual difference in her interest earnings between the savings account and the CD?
Answers
Answered by
Barb
Multiply: $500.00 x .0045 = $2.25
Remember to move the decimal two places.
$500.00 x .0325 = $16.25
Then subtract $16.25 - 2.25 = $14.00
The annual difference will be $14.00
Remember to move the decimal two places.
$500.00 x .0325 = $16.25
Then subtract $16.25 - 2.25 = $14.00
The annual difference will be $14.00
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.