A $1700 certificate of deposit held for 67 days was worth $1714.87. What simple interest rate...
A $1700 certificate of deposit held for 67 days was worth $1714.87. What simple interest rate was earned? Assume 360 days in a year.
Homework Answers
Let us assume that interest rate is R
Interest earned = 1714.87-1700 = $14.87
Interest earned = Principal amount *R* d/360 (d=number of days)
By rearranging the above formula we get,
Interest Rate R = (14.87/1700) *360/67
Interest Rate = 4.7%
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