Question

Jerome deposits $3,700 in a certificate of deposit that pays 1.8% interest, compounded

annually. How much interest does Jerome earn in 1 year?

Answer 1

$66.60

Explanation:

Find out how much money Jerome earns from the 1.8% interest.

100% = 3700

1% = 3700 ÷ 100 = 37

1.8% = 37 x 1.8 = 66.60

(Final answer)