Mathematics: A bank offers a CD that pays a simple interest rate of 10.5%. How much must you put in this CD now in order to have $1500 for a home-entertainment center in 2 years.

A bank offers a CD that pays a simple interest rate

brenna209

21.01.2022

Required amount is $1239.669

Step-by-step explanation: Let P be the required amount. Given that

P + SI = 1500 .... (i)

We know that simple interest

$SI=\frac{PRT}{100}$ .

Given R = 10.5, T = 2. So,

$SI=\frac{P\times 10.5\times 2}{100}=\frac{21P}{100}$

Put in equation (i) we get

$P+\frac{21P}{100}=1500$

$\frac{121P}{100}=1500$

$P=\frac{1500\times 100}{121}=\$1239.669$

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izaiahfieods

25.01.2023

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step-by-step explanation:

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