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15 April, 23:42

Amir invests $4,000 in a 5-year cd paying 3.5% interest. How much interest will he make on the cd in 5 years? The simple interest formula is I=prt.

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  1. 15 April, 23:49
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    Answer: $700

    Step-by-step explanation:

    First, convert the rate into a decimal

    r = R/100 = 3.5%/100 = 0.035 per year,

    then, solving our equation

    I = 4000 * 0.035 * 5 = 700

    I = $ 700.00
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