Mathematics, 30.11.2019 06:31 faith365
Bill casler bought a $1000, 9-month certificate of deposit (cd) that would earn 8% annual simple interest. three months before the cd was due to mature, bill needed his cd money, so a friend agreed to lend him money and receive the value of the cd when it matured.
(a) what is the value of the cd when it matures?
value = ? $
(b) if their agreement allowed the friend to earn a 10% annual simple interest return on his loan to bill, how much did bill receive from his friend? (round your answer to the nearest cent.) value = ?
Answers: 1
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Bill casler bought a $1000, 9-month certificate of deposit (cd) that would earn 8% annual simple int...
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