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Alex invested $400 in a CD that pays 3% simple interest, calculated semiannually. How much money will Alex earn in 2 years?

Alex invested $400 in a CD that pays 3% simple interest, calculated semiannually. How much money will Alex earn in 2 years?
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3 votes
Alex invested $400 in a CD that pays 3% simple interest, calculated semiannually. How much money will Alex earn in 2 years?

User TechnocratSid
by
8.0k points

1 Answer

6 votes

S.I. = P * R * T / 100
I = 400 * 3 * 2 /100
I = 2400 / 100
I = 24

In short, Your Answer would be $24

Hope this helps!
User Aegatlin
by
8.9k points
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