SOLUTION: A bank offer 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?
Algebra.Com
Question 1023021: A bank offer 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?
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there,
If Jamie invests $500 and after one
year earns $40 then:-
40/500 x 100 = 8%
8% is the interest rate.
Hope this helps :-)
RELATED QUESTIONS
A mother wants to invest $6,000.00 for her son's future education. She invests a portion (answered by mananth)
Lili invests $15,000 in two one-year certificates of deposit. One certificate pays 3%,... (answered by solver91311)
A savings account in the Emigrant Savings Bank in New York now earns 2.25% simple... (answered by josmiceli)
A mother wants to invest $11,000 for her son's future education. She invests a portion of (answered by scott8148)
A mother wants to invest $9000 for her children's education. She invests a portion of the (answered by josmiceli)
A mother wants to invest $11,000.00 for her son's future education. She invests a portion (answered by mananth)
a mother invest $13,000.00 for her son's future education she invests a portion of the... (answered by richwmiller)
A mother wants to invest $10,000 for her son's future education. She invests a portion of (answered by Boreal)
a mother wants to invest $5000 for their children's education. She invests a portion of... (answered by richwmiller)