Question 1181210
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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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<pre>
You write the simple interest equation as you read the text


    1150 = x*(1+0.036*3)


From this equation, you find 


    x = {{{1150/(1+0.036*3)}}} = 1037.91 dollars.    <U>ANSWER</U>
</pre>

Solved, answered and carefully explained.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on simple interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Simple-interest-percentage-problems.lesson>Simple interest percentage problems</A> 

in this site.



Learn the subject from there.