Jerome deposits $4,700 in a certificate of deposit that pays 6 1/2% interest, compounded annually. How much interest does Jerome earn in one year? show the work

Question

asked Mar 3, 2022 201k views

1 Answer

Chella · Answer 1 · 2022-03-07T18:37:19+0000

Answer:

Explanation:

If Jerome deposits $3,700 at 6 1/2 % compounded annually what would be his interest earned. He would earn $240.50.