What was the annual interest rate on a CD that matured after one year, earned

$1.50 in simple interest calculated annually, and had an initial value of $60?

A. 25%

B. 2.5%

C. 1.025%

D. 10.25%

Question

Mariah Dominguez

Mathematics

26 July, 21:16

What was the annual interest rate on a CD that matured after one year, earned

$1.50 in simple interest calculated annually, and had an initial value of $60?

A. 25%

B. 2.5%

C. 1.025%

D. 10.25%

+4

Answers (1)

Know the Answer?

Cristian Barry · Answer 1

2.5%

Step-by-step explanation:

In order to find the interest rate of a thing, you divide the first value by the second. This gives you 0.025, which is roughly 2.5%. 10% and 25% wouldn't make sense, as those are 6 and 15 dollars, so they aren't applicable.

What was the annual interest rate on a CD that matured after one year, earned$1.50 in simple interest calculated annually, and had an initial value of $60?A. 25%B. 2.5%C. 1.025%D. 10.25%

What was the annual interest rate on a CD that matured after one year, earned

$1.50 in simple interest calculated annually, and had an initial value of $60?

A. 25%

B. 2.5%

C. 1.025%

D. 10.25%