SOLUTION: How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 5% simple interest in order to have $3000 when the CD matures at the end of the
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Question 1051988: How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 5% simple interest in order to have $3000 when the CD matures at the end of the 6 months? Round your answer up to the nearest cent. (Enter a number.)
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Amount = Principal(1+r/n)^nt
Using your numbers:
3000 = x(1+0.05/2)^1
3000 = x1.25
2400 = x
or
x = 2400
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 5% simple interest in order to have $3000 when the CD matures at the end of the 6 months? Round your answer up to the nearest cent. (Enter a number.)
Amount to deposit:
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