SOLUTION: Graduation is 3 years away and you want to have $1150 available for a trip.If your bank is offering a 3-year CD (certificate of deposit) paying 3.6% simple interest, how much do yo
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Question 1181210: Graduation is 3 years away and you want to have $1150 available for a trip.If your bank is offering a 3-year CD (certificate of deposit) paying 3.6% simple interest, how much do you need to put in this CD to have the money for your trip? Answer by ikleyn(52784) (Show Source):
You can put this solution on YOUR website! .
Graduation is 3 years away and you want to have $1150 available for a trip.
If your bank is offering a 3-year CD (certificate of deposit) paying 3.6% simple interest,
how much do you need to put in this CD to have the money for your trip?
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You write the simple interest equation as you read the text
1150 = x*(1+0.036*3)
From this equation, you find
x = = 1037.91 dollars. ANSWER
Solved, answered and carefully explained.
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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.
