14. luis placed $4500 in a certificate of deposit. he earns $20 each month
for the next 36 months. find the annual simple interest rate for the
certificate of deposit.

The annual simple interest rate for the certificate of deposit is 5.33%

Step-by-step explanation:

Given as :

The amount of money which Luis deposit = P = $ 4500

The time period for deposit = 36 months = T = 3 years

Let The rate of simple interest for deposit = r %

The interest which he earn each month for next 36 months = $ 20

I,e The interest which he earn = SI = $20 × 36 = $720

Now, From Simple Interest method

Simple Interest =

or, SI =  

Or, $ 720 =

Or, $ 720 =

Or,  720 = 135 r

∴ r =

I.e r = 5.33 %

So, The rate of simple interest for deposit = 5.33 %

Hence The annual simple interest rate for the certificate of deposit is 5.33% Answer

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step-by-step explanation:

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