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?

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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) About Me  (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 :-)