Ask Question
4 August, 11:49

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?

+5
Answers (1)
  1. 4 August, 11:54
    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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers