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OpenStudy (anonymous):
Toni bought a 6 month $1000 certificate of deposit at the end of the 6 months she recieved $40 simple interest what rate did the certificate pay?
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OpenStudy (anonymous):
what are the choices?
OpenStudy (anonymous):
6% 7% 8% and 5%
OpenStudy (anonymous):
i believe it is 7% if you are supposed to round it.
OpenStudy (anonymous):
no there is no rounding
OpenStudy (anonymous):
$40/6 months... is that the formula?
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OpenStudy (anonymous):
yes
OpenStudy (anonymous):
when you divide you get 6 and 2/3 percent or 6.66666666667 percent
OpenStudy (anonymous):
ok
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