Assume that a 30-month CD purchased for $2500pays simple interest at an annual rate of 5.5%. How much total interest does it ear
n?
$ _____
What is the balance at maturity?
1 answer:
Answer:
Interest earned: 343.75
Balance at maturity: 2843.75
Step-by-step explanation:
simple interest formula
P(1+it)
interest earned:
(interest earned is the ending balance minus the beginning balance)
2500(1+.055*(30/12))-2500= 343.75
Balance at maturity
2500(1+.055*(30/12))= 2843.75
(another way to solve this part is to just add 343.75 (the interest earned) to the beginning balance)
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