You put $4500 into a bank CD at a rate of 8.5%. You are only going to leave your money in there for 6 months. At the end of the 6 months how much is your CD worth? Simple interest problem (I = Prt). Note: 6 months = ½ year!
You put $4500 into a bank CD at a rate of 8.5%. You are only going to leave your money in there for 6 months. At the end of the 6 months how much is your CD worth? Simple interest problem (I = Prt). Note: 6 months = ½ year!
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Deposit amount (P) = $4500
Interest rate (r) = 8.5%
Period (t) = 6 Months = 0.50 Year
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