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A certificate of deposit has an annual simple interest rate of 5.25%. If $567 in interest is earned over 6 years, how much was invested?

A certificate of deposit has an annual simple interest rate of 5.25%. If $567 in interest is earned over 6 years, how much was invested?
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A certificate of deposit has an annual simple interest rate of 5.25%. If $567 in interest is earned over 6 years, how much was invested?

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User Ryan Pedersen
by
8.2k points

1 Answer

4 votes
the interest isPrt
so P*0525*6=567
P=567/0.0525/6=1800
answered
User Amerdidit
by
9.1k points
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