# 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 ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> 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?      Log On

 Ad: Over 600 Algebra Word Problems at edhelper.com Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations! Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

 Word Problems: Money, Business and Interest Solvers Lessons Answers archive Quiz In Depth

 Click here to see ALL problems on Money Word Problems 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(12657)   (Show Source): You can put this solution on YOUR website!i=Prt r=i/Pt r=221/3400*1 r=0.065 = 6.5%