You have $1000 you want to save, but you don’t want to put it into a savings account the pays only 0.5% per year. Instead, you h
ave decided to put your money into a CD that pays simple interest for three months. At the end of the three months (1/4 of a year) you get your money and interest back. The interest rate you were able to get was 3% per year. What is the total amount of interest (ie. extra money you get) that was earned on this CD?
