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charlotte123

Would you make more interest by investing $3,000 in a 6-month certificate of deposit (CD) at 3% interest or by $1,000 investing in a 12-month CD at 3.5% interest? Show your work.

  • one year ago
  • one year ago

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  1. monokerous
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    Work out each of the options and you'll be able to find the answer.

    • one year ago
  2. charlotte123
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    Does this look correct:You would make more interest by investing Showing my work: *3% is equivalent to 0.03. $3,000 * 0.03 * 2 = $180. *We must multiply by two since you are investing $3,000 in a 6-MONTH certificate of deposit (half of a year). 3.5% is equivalent to 0.035. 1,000 * 0.035 = $35 *We do not have to multiply by two here since you are investing $1,000 in a 12-MONTH CD. In short, 12 months is equivalent to a year so we do not have to multiply by two here. Therefore, I would make more interest by investing $3,000 in a 6-month certificate of deposit (CD) at 3%.

    • one year ago
  3. monokerous
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    You are right.

    • one year ago
  4. charlotte123
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    R u sure? :D

    • one year ago
  5. monokerous
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    Yup!

    • one year ago
  6. charlotte123
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    thanks :D

    • one year ago
  7. monokerous
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    yw. lol :)

    • one year ago
  8. charlotte123
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    :D

    • one year ago
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