NEED HELP ASAP PLEASE Assume that a three-month CD purchased for $3000 pays simple interest at an annual rate of 10%. How much total interest does it earn?

$

What is the balance at maturity?

Answers:

Explanation:

The simple interest formula is

i = p*r*t

where in this case,

So,

i = p*r*t

i = 3000*0.10*0.25

i = 75 is the amount of interest earned

This adds onto the initial deposit to get the final balance when the CD matures (ie when you're able to withdraw the money without penalties)

The balance at maturity is p+i = 3000+75 = 3075 dollars

In short, you deposit $3000 into the CD and have to wait 3 months for the amount to update to $3075.

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