Mr. Vedra deposited $1,200 in a certificate of deposit (CD) at an interest rate of 5.5%. He earned $198 in simple interest. How
long was the CD for?
1 answer:
Answer: 3 (include unit in your answer, as it was not mentioned in question)
Step-by-step explanation:
5.5% of 1200 =
1200/100 x 5.5 = 66
Time = 198/66 = 3
put the units in, if its 5.5% per annum or months or days, since it wasnt mentioned in the question :)
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