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You deposit $3000 in a CD (certificate of deposit) that earns 5.6% simple annual interest. How long will it take to earn $336 in interest?

 Mar 2, 2023
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3,000  x  0.056 ==$168.00 - simple interest for 1 full year.

 

336.00 / 168.00==2 years - it takes to earn $336 simple interest.

 Mar 2, 2023

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