rebeccaella
Answered

You put $3000 in a CD (certificate of deposit) at the promotional rate of 5.6% simple interest. How long will it take to earn $336 in interest?


It will take (blank) years.



Fill in the blank spots. If you answer you would get brainliest answer!!!!1

Verified Answer :

Setor9

I think the answer is 2 years.
First take 5.6 percent of 3000. Which is 5.6/100×3000= 168.
So 336 divided by 168 is 2.

Simple interest counts interest on principal amount only. The time it will take to earn $336 in interest for given scenario is 2 years.

How to calculate simple interest amount?

If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:

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For the given case, it is specified that:

  • Initial amount = P = $3000
  • Rate of simple interest = 5.6% (supposing to be annual)
  • The interest earned = I = $336
  • The time for which the amount was deposited = T (suppose)

Then, using the simple interest formula, we get:

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Thus,  the time it will take to earn $336 in interest for given scenario is 2 years.

Learn more about simple interest here:

https://brainly.com/question/5319581

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