A bank offers a CD that pays a simple interest rate of 9.5%. How much must you put in this CD now in order to have $3500 for a home-entertainment center in 3 years. ... The present value that must be invested to get $3500 after 3 years at an interest rate of 9.5% is $ the nearest cent.) (Round up to
A bank offers a CD that pays a simple interest rate of 9.5%. How much must you put in this CD now in order to have $3500 for a home-entertainment center in 3 years. ... The present value that must be invested to get $3500 after 3 years at an interest rate of 9.5% is $ the nearest cent.) (Round up to
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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15. Answer this question
![<
A bank offers a CD that pays a simple interest rate of 9.5%. How much must you put in this CD now in order to have
$3500 for a home-entertainment center in 3 years.
a
The present value that must be invested to get $3500 after 3 years at an interest rate of 9.5% is $
the nearest cent.)
77°F Clear
(8)
(Round up to
10:52 PM
9/13/2022](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffebfc829-3adc-4601-a5b5-bd5b3e3c23b0%2F63eef839-3034-4558-bcf8-ab8160021bcc%2Flteoc9o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:<
A bank offers a CD that pays a simple interest rate of 9.5%. How much must you put in this CD now in order to have
$3500 for a home-entertainment center in 3 years.
a
The present value that must be invested to get $3500 after 3 years at an interest rate of 9.5% is $
the nearest cent.)
77°F Clear
(8)
(Round up to
10:52 PM
9/13/2022
Expert Solution
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Step 1
Given- A bank offers a CD that pays a simple interest rate of .
To find- How much must you put in this CD now in order to have for a home-entertainment center in 3 years.
Formula Used-
Simple Interest Formula:
where
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