After 4 years aspen earned $510 in simple interest from a cd into which she initially deposited $3000. What was the annual interest rate if the CD

a) 13%

b) 11.75%

c) 4.25%

d) 8.5%

Question

Lamont Summers

Mathematics

30 August, 21:49

After 4 years aspen earned $510 in simple interest from a cd into which she initially deposited $3000. What was the annual interest rate if the CD

a) 13%

b) 11.75%

c) 4.25%

d) 8.5%

+4

Answers (1)

Know the Answer?

Moshe Kerr · Answer 1

I = PRT ... and since we are looking for r ... I / PT = R

I / PT = R

I = 510

P = 3000

T = 4

510 / (3000 * 4) =

510 / 12,000 =

0.0425 ... multiply by 100 to get the percent

4.25% <==

After 4 years aspen earned $510 in simple interest from a cd into which she initially deposited $3000. What was the annual interest rate if the CDa) 13%b) 11.75%c) 4.25%d) 8.5%

After 4 years aspen earned $510 in simple interest from a cd into which she initially deposited $3000. What was the annual interest rate if the CD

a) 13%

b) 11.75%

c) 4.25%

d) 8.5%