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1 September, 02:26

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?

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  1. 1 September, 05:30
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    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.
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