Bill Casler bought a $6000, 9-month certificate of deposit (CD) that would earn 9.2% annual simple interest. (a) What is the value of the CD when it matures? $ x (b) Three months before the CD was due to mature, Bill needed his CD money, so a friend agreed to lend him money and receive the value of the CD when it matured. If their agreement allowed the friend to earn a 10% annual simple interest return on his loan to Bill, how much did Bill receive from his friend? (Round your answer to the nearest cent.) $ (c) What annual simple interest rate did Bill Casler end up making on his investment? Round your answer to two decimal places. %
Bill Casler bought a $6000, 9-month certificate of deposit (CD) that would earn 9.2% annual simple interest. (a) What is the value of the CD when it matures? $ x (b) Three months before the CD was due to mature, Bill needed his CD money, so a friend agreed to lend him money and receive the value of the CD when it matured. If their agreement allowed the friend to earn a 10% annual simple interest return on his loan to Bill, how much did Bill receive from his friend? (Round your answer to the nearest cent.) $ (c) What annual simple interest rate did Bill Casler end up making on his investment? Round your answer to two decimal places. %
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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Transcribed Image Text:Bill Casler bought a $6000, 9-month certificate of deposit (CD) that would earn 9.2% annual simple interest.
(a) What is the value of the CD when it matures?
$
X
(b) Three months before the CD was due to mature, Bill needed his CD money, so a friend agreed to lend him money and receive the value of the CD when matured. If their agreement allowed the friend to earn a 10% annual simple interest
return on his loan to Bill, how much did Bill receive from his friend? (Round your answer to the nearest cent.)
$
(c) What annual simple interest rate did Bill Casler end up making on his investment? Round your answer to two decimal places.
%
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