Question

Jerome deposits $3,700 in a certificate of deposit that pays 1.8% interest, compounded annually. How much interest does Jerome earn in one year?

Answer 1

Answer:

Hi There the correct answer to this is = 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.

Answer 2

The interest does Jerome earn in one year is $66.6.

Given that,

• Jerome deposits $3,700 in a certificate of deposit that pays 1.8% interest, compounded annually.

Based on the above information, the calculation is as follows:

$= \ 3,700 \times 1.8\%$

= $66.6

Learn more: brainly.com/question/17429689