Question

Ivy invested $150 000 in a savings account that offers to pay simple interest of 0.2% per year. How much interest will she receive at the end of one year?

Answer 1

Answer:

The answer is the CD was for 3 years.

Step-by-step explanation:

First, write the equation.

I=Prt

Next, substitute the given values.

$198=$1,200×5.5%×t

Next, write the percent as a decimal.

$198=$1,200×0.055×t

Next, simplify.

$198=$66×t

Then, solve for t.

3=t