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