22-11-2017
Mathematics

contestada

You put $3000 in a CD (certificate of deposit) at the promotional rate of 5.6% simple interest. How long will it take to earn $336 in interest?

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Plasmataco Plasmataco

22-11-2017

so 3336 = 3000(1.056)^t
so 1.112 = (1.056)^t
so log(1.112) = tlog(1.056)
so t = log(1.112)/log(1.056)
so t = 1.9483 years
so Hope this helps!

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daspeezer daspeezer

28-04-2020

The answer is 2 years

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