Question

Check my work, please.

Manda has $1,500 to invest. She invested this money in a certificate of deposit that pays 5.75% over 2 years. How much interest will the certificate deposit pay at the end of the 2-year period?

$17.25
$168.75
$172.50
$16.88

Answer 1

Formula is used to calculate simple interest:
I = P * R * T

Answer 2

Okay, 5.75 as a decimal would be 0.0575, that multiplied by 2 would be 0.115, then you just multiply that by 1,500.

Answer 3

I = 1500 * 5.75 % * 2
(500 * 5.75 % * 2 = 57.5)

Answer 4

So, that'd be a C, then?

Answer 5

yeah.

Answer 6

I appreciate, thank you.

Answer 7

no problem.