Question

You put $3000 in a CD (certificate of deposit) at the promotional rate of 5.6% simple interest. How long will it take to earn $336 in interest?

Answer 1

The answer is 2 years

Answer 2

so 3336 = 3000(1.056)^t
so 1.112 = (1.056)^t
so log(1.112) = tlog(1.056)
so t = log(1.112)/log(1.056)
so t = 1.9483 years
so Hope this helps!