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Alex invested $400 in a CD that pays 3% simple interest, calculated semiannually. How much money will Alex earn in 2 years? A. $74 B. $24 C. $54 D. $14

Alex invested $400 in a CD that pays 3% simple interest, calculated semiannually. How much money will Alex earn in 2 years? A. $74 B. $24 C. $54 D. $14
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1 vote
Alex invested $400 in a CD that pays 3% simple interest, calculated semiannually. How much money will Alex earn in 2 years? A. $74 B. $24 C. $54 D. $14

asked
User Medkhelifi
by
8.1k points

2 Answers

7 votes

Answer:

$24

Explanation:

just got it right good luck <3

answered
User Popester
by
8.1k points
5 votes
Simple interest is calculated using the formula
I = Prt . . . . . . . . . . P = principal, r = interest annual rate, t = time (years)
I = $400·0.03·2
I = $24

In 2 years, Alex will earn ...
B. $24
answered
User Nielsstampe
by
8.7k points
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