SOLUTION: Graduation is 3 years away and you want to have $1150 available for a trip.If your bank is offering a 3-year CD (certificate of deposit) paying 3.6% simple interest, how much do yo

Question 1181210: Graduation is 3 years away and you want to have $1150 available for a trip.If your bank is offering a 3-year CD (certificate of deposit) paying 3.6% simple interest, how much do you need to put in this CD to have the money for your trip?
Answer by ikleyn(52784) (Show Source): You can put this solution on YOUR website!
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Graduation is 3 years away and you want to have $1150 available for a trip.
If your bank is offering a 3-year CD (certificate of deposit) paying 3.6% simple interest,
how much do you need to put in this CD to have the money for your trip?
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You write the simple interest equation as you read the text


    1150 = x*(1+0.036*3)


From this equation, you find 


    x =  = 1037.91 dollars.    ANSWER

Solved, answered and carefully explained.

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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.

Learn the subject from there.

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