Savanna Smiles invested $5,000 for one year in a CD that earns interest at a rate of 3.5% compounded monthly. What is the intere
st earned during the year? (Hint: Use the appropriate formulas and round at the end.)
1 answer:
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Answer: Option B.
Step-by-step explanation:
If a varies directly with b then when a increases b it also increases by a factor k.
Then we can write that
We know that when a = 28 then b = 7. So
Therefore the equation of proportionality is:
So when then:
