Question

Asked Feb 19, 2019

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Graduation is 5 years away and you want to have $600 available for a trip. If your bank is offering a 5-year CD (certificate of deposit) paying 4.8% simple interest, how much do you need to put in this CD to have the money for your trip?

Step 1

Simple Interest over time is given as:

A= P_{0 }(1+rt)

A= Amount is the end amount i.e. principal plus interest

r= Interest rate in decimal

P_{0}= Principal amount

t= time

Step 2

Where r= 4.8% = .048

t= 5 years

A= $600

Therefore, the principal amount he must put in this CD (c...

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