SOLUTION: How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 9% simple interest in order to have $7000 when the CD matures at the end of the
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Question 1094320: How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 9% simple interest in order to have $7000 when the CD matures at the end of the 6 months? Round your answer up to the nearest cent. (Enter a number.)
You can put this solution on YOUR website! How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 9% simple interest in order to have $7000 when the CD matures at the end of the 6 months? Round your answer up to the nearest cent.
:
Let Ao = amt to be invested
Use the formula
7000 = Ao*1.045
Ao =
Ao = $6698.56
