document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1204037>Question 1204037</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A bank offers a CD that pays a simple interest rate of ​6.0%. How much must you put in this CD now in order to have ​$3000 for a​ home-entertainment center in 2 years. </SPAN>\n" );
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document.write( "Answer: <font color=red size=4>$2,678.57</font>\r<BR>\n" );
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document.write( "Work Shown<BR>\n" );
document.write( "final balance = principal*(1+interestRate*time)<BR>\n" );
document.write( "3000 = x*(1+0.06*2)<BR>\n" );
document.write( "3000 = 1.12x<BR>\n" );
document.write( "x = 3000/1.12<BR>\n" );
document.write( "x = 2,678.57142857142<BR>\n" );
document.write( "x = <font color=red>2678.57</font>\r<BR>\n" );
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document.write( "Check<BR>\n" );
document.write( "final balance = principal*(1+interestRate*time)<BR>\n" );
document.write( "final balance = 2678.57*(1+0.06*2)<BR>\n" );
document.write( "final balance = $2,999.9984<BR>\n" );
document.write( "final balance = $3,000<BR>\n" );
document.write( "The answer is confirmed.<BR>\n" );
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