After 7 years, abner earned $1575 in simple interest from a cd into which he initially deposited $6000. what was the annual interest rate of the cd?

The annual interest rate of the CD was 3.75 %

Explanation

Simple Interest formula is : , where Amount of interest, Principal/Initial amount, rate of interest in decimal form and time in years

Here Abner earned $1575 in simple interest and he initially deposited $6000. So, dollar and dollar

Also given that, years

Now according to the formula...

For getting the interest rate in percentage, we will multiply it by 100%. So... (0.0375 × 100) % = 3.75 %

So, the annual interest rate of the CD was 3.75 %

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