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UkoKoshka [18]
4 years ago
15

A certificate of deposit has an annual simple interest rate of 5.25%. If $567 in interest is earned over a 6 year period, how mu

ch was invested?
Mathematics
1 answer:
Scrat [10]4 years ago
4 0
Find the the amount of interest per year. Since $567 were earned over 6 years, you divide the interest earned by the number of years it took to accumulate it:

$567/6 years = $94.5/year

Divide that by the interest rate which the interest rate needs to be in decimal form:

$94.5/.0525 = $1800
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