Question

A certificate of deposit with $600 earns 2.5% interest for 6 years. Select all of the options that would earn the same amount of interest

Answer 1

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 3

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,P0 = $1000

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,P0 = $1000r = 0.0025 (0.25%)

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,P0 = $1000r = 0.0025 (0.25%)I = $1000 (0.0025) = $2.50

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,P0 = $1000r = 0.0025 (0.25%)I = $1000 (0.0025) = $2.50A = $1000 + $2.50 = $1002.50

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,P0 = $1000r = 0.0025 (0.25%)I = $1000 (0.0025) = $2.50A = $1000 + $2.50 = $1002.50In the first month, we will earn $2.50 in interest, raising our account balance to $1002.50.

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,P0 = $1000r = 0.0025 (0.25%)I = $1000 (0.0025) = $2.50A = $1000 + $2.50 = $1002.50In the first month, we will earn $2.50 in interest, raising our account balance to $1002.50.

Suppose that we deposit $1000 in a bank account offering 3% interest, compounded monthly. How will our money grow?The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 312= 0.25% per month.In the first month,P0 = $1000r = 0.0025 (0.25%)I = $1000 (0.0025) = $2.50A = $1000 + $2.50 = $1002.50In the first month, we will earn $2.50 in interest, raising our account balance to $1002.50.