Question

you have a 7,000 to put into a savings account the intrest rate for a CD is 5% how much would you have in your account after 1 year

Answer 1

Explanation:

Answer 2

Questions like these are very easy.

Just multiply

Interest Rate = (Simple Interest × 100)/(Principal × Time).

So we have 7,000 and 5%

Just 7,000 / 1 x (5 / 100)

= 35,000 / 100

= 350 / 1

What is the amount you have for one year? It is $350. If it is asking you 2 year then 2(Interest rate) = 2 (350)

Therefore you get 350.