Question

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?

Answer 1

Answer: 3 (include unit in your answer, as it was not mentioned in question)

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 :)