Question

1. Your high school freshman class had a total of $1200 from fund-raisers during the year. To help

pay for a class trip at the end of your senior year, the class deposits the money into a 30-month CD
paying 5.6% interest compounded monthly.
a) Determine the amount the class will receive after 30 months.
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b) How much interest did the class earn on the investment?

Answer 1

a is 67.20 and b is 1267.20

Explanation:

first you have to multiply 1200 from 5.6% and you get 67.20 then you have to add 1200 to 67.20 and you get 1267.20