A certificate of deposit pays $456.25 in simple interest for 1 yr on a principal of $36,500.

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A certificate of deposit pays $456.25 in simple interest for 1 yr on a principal of $36,500. What is the rate of interest?

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Intermediate Algebra

ISBN: 9780134895987

13th Edition

Authors: Margaret Lial, John Hornsby, Terry McGinnis

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Question Posted: May 28, 2023 01:46 AM

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A certificate of deposit pays $456.25 in simple interest for 1 yr on a principal of $36,500.

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Step by Step Answer:

To find the rate of interest we can use the formula for simple interest Interest Principa...View the full answer

Intermediate Algebra

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