$24,000 at 5% for 5 years . $_
1 answer:
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Answer:
, solution is $14.29
Step-by-step explanation:
We can create an equation for this scenario to try and solve it.
Assuming the cost of the CD is x, it’s sale tax will be 0.05x (as that is 5% of x, 0.05.)
We can write the equation in two ways:
or
.
Assuming we take the second one (easier to work with), we can divide both sides by 1.05. The equation simplifies to x = 14.289... which rounds to x = 14.29.
Therefore, the equation is and the solution is $14.29.
Hope this helped!