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OpenStudy (anonymous):
After 2 years, Deion earned $270 in simple interest from a CD into which he initially deposited $6000. What was the annual interest rate of the CD? A. 2.25% B. 3.25% C. 9.75% D. 6.5%
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OpenStudy (anonymous):
@Orion1213
OpenStudy (perl):
a CD is a certificate of deposit, its a type of loan to a bank thats supposed to generate more interest than just money in a bank account
OpenStudy (perl):
than just money sitting in a bank account*
OpenStudy (perl):
in any case, we can use the formula I = P * R * T
OpenStudy (perl):
270 = 6000*R*2
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OpenStudy (perl):
R = 270/(12000) = .0225 R = 2.25%
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