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

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

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User Slysid
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8.1k points

1 Answer

6 votes

Answer:

Simple interest counts interest on principal amount only. The time it will take to earn $336 in interest for given scenario is 2 years.

Explanation:

answered
User ZaPlayer
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