Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
Would you make more interest by investing $3,000 in a 6month certificate of deposit (CD) at 3% interest or by $1,000 investing in a 12month CD at 3.5% interest? Show your work.
 one year ago
 one year ago
Would you make more interest by investing $3,000 in a 6month certificate of deposit (CD) at 3% interest or by $1,000 investing in a 12month CD at 3.5% interest? Show your work.
 one year ago
 one year ago

This Question is Closed

monokerousBest ResponseYou've already chosen the best response.1
Work out each of the options and you'll be able to find the answer.
 one year ago

charlotte123Best ResponseYou've already chosen the best response.2
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 6MONTH 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 12MONTH 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 6month certificate of deposit (CD) at 3%.
 one year ago
See more questions >>>
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.