Question

After 6 years, Federico earned $1485 in simple interest from a cd into which he initially deposited $ 9000. What was the annual interest rate of the cd?

A. 2.75% B.5.5% C. 8.25 D.11%

Answer 1

2.75% is the answer for apex

Explanation:

Answer 2

The formula for simple interest is:
I=Prt
I=interest earned
P= principal
r= rate in decimal form
t= time in years
I=Prt
1485=9000(r)(6)
1485=54000r
Divide by 54000:
0.0275=r
Change to percent form:
r=2.75%