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KatelynJo
KatelynJo KatelynJo
  • 25-02-2017
  • Mathematics
Answered

A bank offers simple interest on a certificate of deposit.Jamie invests $500 and after one year earns $40 in interest.What was the interest rate on the certificate of deposit?

Verified Answer :

awsmprsn17
awsmprsn17 awsmprsn17
  • 25-02-2017

i=prt
40=500r*1
now you have to isolate the r
so
40/500=500r/500
r=0.08
now convert it into %
8% ir your rate

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