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25 April, 22:20

After 6 years, Federico earned $1485 in simple interest from a cd into which he initially deposited $ 9000. What was the annual interest rate of the cd?

A. 2.75% B. 5.5% C. 8.25 D. 11%

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  1. 25 April, 22:31
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    The formula for simple interest is:

    I=Prt

    I=interest earned

    P = principal

    r = rate in decimal form

    t = time in years

    I=Prt

    1485=9000 (r) (6)

    1485=54000r

    Divide by 54000:

    0.0275=r

    Change to percent form:

    r=2.75%
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