Benson purchased a $1,800 certificate of deposit that earns simple annual interest. At the end of 1 year, the certificate was wo
rth $1,857.60.
1 answer:
Answer:
<h2>
<u> 3.2%</u></h2>
Step-by-step explanation:
Step one:
given data
principal P= $1800
time t= 1 year
Final amount A=1857.60
rate r=?
Step two:
we are expected to solve for the rate, let assume the investment is a simple interest type.
A=P(1+rt)
solve for r we can substitute our data
1857.60=1800(1+r*1)
1857.60=1800+1800r
1857.60-1800=1800r
57.6=1800r
r=57.6/1800
r=0.032
0.032*100= 3.2%
<u>This shows that the rate is 3.2%</u>
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