Answer:
Interest: 3.25%
$ Amount after 3 Years: $1,317.00
Step-by-step explanation:
If Robert invest 1200 dollars in the CD for a period of 3 years, he will earn 3.25% annual interest.
First, converting R percent to r a decimal
r = R/100 = 3.25%/100 = 0.0325 per year.
Solving our equation:
A = 1200(1 + (0.0325 × 3)) = 1317
A = $1,317.00
The total amount accrued, principal plus interest, from simple interest on a principal of $1,200.00 at a rate of 3.25% per year for 3 years is $1,317.00.
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