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24-10-2019
Mathematics

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Jerome deposits 3700 in a certificate of deposit that pays 6 1/2% interest, compounded annually. How much does Jerome earn in one year

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Аноним Аноним

24-10-2019

Answer:

240.5.

Step-by-step explanation:

6 1/2 % = 0.065 as a fraction.

The amount after one year is given by 3700 (1 + 0.065)^1

= 3940.5

so the interest is 3940.5 - 3700

= 240.5.

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