After 8 years, ofelia earned $980 in simple interest from a cd into which she initially deposited $7000. what was the annual interest rate of the cd?

Answers

Answer 1

Answer:

The annual interest rate of cd was 1.75.

What is simple interest?

Simple interest is the interest calculated on the principal portion of a loan or the original contribution to a saving amount.

Formula for simple interest

S.I = (P × R × T)/100

Where,

S.I is the simple interest

P is the initial principal balance

R is the interest rate

T is the time in years

According to the given question

We have

Simple Interest, SI = $980

Initial principal balance, P = $7000

Time, T = 8 years

Therefore, the annual interest rate for cd is given by

$980=((7000)(R)(8))/(100)$

⇒ $R =((980)(100))/((7000)(8))$

⇒ $R=1.75$

Hence, the annual interest rate of cd was 1.75.

Learn more about simple interest here:

brainly.com/question/22621039

#SPJ2

Answer 2

Answer: We have: I = P × R × T / 100
Here, I = 980
P = 7000
T = 8

Substitute their values into the expression:
980 = 7000 × R × 8 / 100
R = 980 × 100 / 7000 × 8
R = 98000 / 56000
R = 1.75%

In short, Your Answer would be 1.75%

Hope this helps!

Related Questions

IND 11. Kim is arranging magazines on shelves. She has 18 sports magazines and 24 news magazines. Each shelf will have the same number of sports and news magazines. If Kim must place all of the magazines on shelves, what are all the possible numbers of shelves Kim can use?
A tablet weighs 1.23 pounds. What is its weight written as a mixed number?
If I have a cylinder, the radius is 9.3 ft and the height is y, the volume of the whole thing is 3000ft, then what does y equal?
Use the formula P = 2L + 2W to find the width of of a rectangle when the length is 34 ft and the perimeter is 112 ft.
Eighty-four is what percent of 212? 3.962% 39.62% 2.52% 25.2%

Which model represents the sum given above

Answers

Answer:

Option a. z

Explanation:

Because in z it represents 5/8 + 3/8 + 1/8.

Look at the color in z .

Compare using <, >, or =.

1/2 ___ 5/10

<
>
=

Answers

$(1)/(2) = 0.5$
$(5)/(10) = 0.5$

∴ $(1)/(5) = (5)/(10)$

Answer:

Step-by-step explanation:

1/2 = 0.5

5/10 = 0.5

So 1/2 = 5/10

3/2 divided 1/4=n then n is between

Answers

3/2 ÷ 1/4= n

n(3/2) (4/1) = n

n= 12÷2

Which gives you six.

What can be inferred from both the passage and the illustration?A.
Jo is more concerned with love than money.
B.
Mr. Bhaer wants to be sure of Jo's feelings.
C.
Jo and Mr. Bhaer have a close relationship.
D.
Mr. Bhaer is going to propose marriage to Jo.