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You put $3000 in a CD (certificate of deposit) at the promotional rate of 5.6% simple interest. How long will it take to earn $336 in interest? It will take years.

You put $3000 in a CD (certificate of deposit) at the promotional rate of 5.6% simple interest. How long will it take to earn $336 in interest? It will take years.
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5 votes
You put $3000 in a CD (certificate of deposit) at the promotional rate of 5.6% simple interest. How long will it take to earn $336 in interest?

It will take
years.

You put $3000 in a CD (certificate of deposit) at the promotional rate of 5.6% simple-example-1
asked
User Norman Xu
by
8.0k points

2 Answers

4 votes
It will take 2 years!
answered
User Alec Pojidaev
by
7.8k points
0 votes
it will take 2 years.
336 = 3000*0.056*t
you need to isolate t (time)
336=3000*0.056*t
divide (3000*0.056) on both sides
t = 336/(3000*0.056)
336/168t
t=2
answered
User Mariusz Pawelski
by
7.5k points
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