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3 years ago

8

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

arn in one year?

1 answer:

Elodia [21]3 years ago

3 0

Answer:

<em>Hi There the correct answer to this is </em>= 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.

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