SOLUTION: A certificate of deposit for one year pays $221 simple interest on a principal of $3400. What is the interest rate being paid on this deposit?
Algebra.Com
Question 257814: A certificate of deposit for one year pays $221 simple interest on a principal of $3400. What is the interest rate being paid on this deposit?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
i=Prt
r=i/Pt
r=221/3400*1
r=0.065 = 6.5%
RELATED QUESTIONS
A bank offer simple interest on a certificate of deposit. Jamie invests $500 and after... (answered by Cromlix)
Lili invests $15,000 in two one-year certificates of deposit. One certificate pays 3%,... (answered by solver91311)
Tela invests $1500 in a year certificate of deposit. At the end of 1 year, her balance is (answered by lynnlo)
A savings account in the Emigrant Savings Bank in New York now earns 2.25% simple... (answered by josmiceli)
Tela invests $1500 in a 1 year certificate of deposit. At the end of 1year, her balance... (answered by lynnlo)
what is the simple interest for a deposit of $30000 at 3% simple interest for one... (answered by stanbon)
Jan Moser made a deposit into a 5% annual simple interest account. She made another... (answered by addingup)
a grocer deposited a certain sum into a high-yield mutual fund that returns a 13% annual... (answered by ikleyn)
A money market fund pays 12.8% per year, compounded semiannually. For a deposit of $5000, (answered by rfer)