Question

After 8 years, ofelia earned $980 in simple interest from a cd into which she initially deposited $7000. what was the annual interest rate of the cd?

Answer 1

We have: I = P × R × T / 100
Here, I = 980
P = 7000
T = 8

Substitute their values into the expression:
980 = 7000 × R × 8 / 100
R = 980 × 100 / 7000 × 8
R = 98000 / 56000
R = 1.75%

In short, Your Answer would be 1.75%

Hope this helps!

Answer 2

Answer: 1.75 !!

Step-by-step explanation: