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Q.
You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate
A.
0.06
B.
0.05
C.
7%
D.
0.08
View Answer
Correct choice: A
Explanation:
1. To find the interest, subtract the principal from the balance. $618 - $600 = $18 2.Use the simple interest formula and solve for r. I = Prt 18= 600 x r x (1/2) r= 0.06 =6%
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