SOLUTION: Daniel purchased a 1-year CD in the amount of c, from a bank. He bought it at an anual interest rate of 6%. After 1 year, Daniel cashes in the CD. What is the total amount it is

Question 1113918: Daniel purchased a 1-year CD in the amount of c, from a bank. He bought it at an anual interest rate of 6%. After 1 year, Daniel cashes in the CD. What is the total amount it is worth?

Found 2 solutions by ikleyn, MathTherapy:
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.

c*(1+0.06).

Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!

Daniel purchased a 1-year CD in the amount of c, from a bank. He bought it at an anual interest rate of 6%. After 1 year, Daniel cashes in the CD. What is the total amount it is worth?

106% of its INITIAL value, or INITIAL value, times 1.06.
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