SOLUTION: If I put 1,000 dollars on a cd for 6 months with 35% intrest rate how much with it add up to when I check on it on the 6th month.

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Question 601502: If I put 1,000 dollars on a cd for 6 months with 35% intrest rate how much with it add up to when I check on it on the 6th month.
Found 2 solutions by solver91311, Alan3354:
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


Depends. What is the compounding period? When during the compounding period (beginning or end) does the institution pay the interest?

John

My calculator said it, I believe it, that settles it
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Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
If I put 1,000 dollars on a cd for 6 months with 35% intrest rate how much with it add up to when I check on it on the 6th month.
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If it's 35% per year, then you get 17.5% of $1000 = $175 interest --> $1175.
Unless it's compound interest, then you have to state the compounding period.