KerraF457533 KerraF457533

27-10-2022
Mathematics

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Jerome deposits $3,700 in a certificate of deposit (CD) that pays 1.8% interest, compounded annually. How much interest does Jerome earn in 1 year? Round to the nearest cent

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ZyrionG245808 ZyrionG245808

27-10-2022

The given interest is, r=1.8%=0.018

The prinicipal amount is p=3700

The time interval is, t=1

The formula to calculate the interest is,

[tex]I=\text{prt}[/tex]

Therefore, the interest is,

[tex]I=3700\times0.018\times1=66.6[/tex]

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