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20-10-2017
Mathematics

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A bank offers a CD that pays a simple interest rate of 6.0. How much must you put in this CD now in order to have $4500 for a home-entertainment center in 6 years.

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31-10-2017

Since its simple interest then we shouldn't me calculating compound interest, Rate of interest = 6.0 Time period = 6 years Expecting amount after 6 years = â€‹$4500 There for , 4500/(1 + (3*6/100)) which is 4500/(1 + 0.18) It gives us 4500/1.18 = 3813.56 so we have to put $3813.56

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