SOLUTION: How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 8% simple interest in order to have $6000 when the CD matures at the end of the
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Question 1193546: How much money in dollars should a person deposit in a 6-months certificate of deposit CD that earns 8% simple interest in order to have $6000 when the CD matures at the end of the 6 months? Round your answer up to the nearest cent. (Enter a number.) Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! the CD is x
interest on it over 6 months is .08x*(1/2)=0.04x
x+0.04x=6000
1.04x=6000
x=$5769.23
