Ask Question
10 November, 07:40

Jerome deposits $3,700 in a certificate of deposit that pays 1.8% interest, compounded annually. How much interest does Jerome earn in one year?

+2
Answers (1)
  1. 10 November, 07:43
    0
    Hi There the correct answer to this is = 240.5.

    Step-by-step explanation:

    6 1/2 % = 0.065 as a fraction.

    The amount after one year is given by 3700 (1 + 0.065) ^1

    = 3940.5

    so the interest is 3940.5 - 3700

    = 240.5.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Jerome deposits $3,700 in a certificate of deposit that pays 1.8% interest, compounded annually. How much interest does Jerome earn in one ...” in 📗 Mathematics 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