practice 1. ethan put $700 into a certificate of deposit (cd) account that earns 1.8% interest each year…

practice 1. ethan put $700 into a certificate of deposit (cd) account that earns 1.8% interest each year. what will the interest of the cd account be after 6 years?

practice 1. ethan put $700 into a certificate of deposit (cd) account that earns 1.8% interest each year. what will the interest of the cd account be after 6 years?

Answer

Explanation:

Step1: Identify the simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the percentage to a decimal

$r=1.8% = 0.018$. The principal $P = 700$ and the time $t = 6$ years.

Step3: Substitute the values into the formula

$I=Prt=700\times0.018\times6$. $I = 700\times0.108$. $I = 75.6$.

Answer:

$75.6$