Ask Question
29 June, 01:08

After 4 years, Aspen earned $510 in simple interest from a CD into which she initially deposited $3000. What was the annual interest rate of the CD?

+2
Answers (1)
  1. 29 June, 01:35
    0
    So, the interest rate will be undefined, we'll name the variable n.

    4n (3000) = 510

    (The 4 in the equation represents 4 years)

    Multiply:

    12000n = 510

    We'll divide 510 by 12000:

    n = 0.0425

    The annual interest rate is 4.25%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “After 4 years, Aspen earned $510 in simple interest from a CD into which she initially deposited $3000. What was the annual interest rate ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers