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Nuetrik [128]
3 years ago
8

After three years Remington or $390 and simple interest from a CD into which she initially deposited $4000 what was the annual i

nterest rate of the CD
Business
1 answer:
Nataly [62]3 years ago
7 0

The annual interest will be calculated as under -

Given, total simple interest for 3 years = $ 390

Principal amount = $ 4000

Interest in total for 3 years = $ 390 ÷ $ 4000 × 100 = 9.75%

Interest for 1 years = 9.75 % ÷ 3 = 3.25%

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