Homework Help: algebra interest word problem

Posted by Jordan on Monday, March 9, 2009 at 7:23pm.

Erin Grabish recevied $2,000 for speaking at a financial planning seminar. Erin invested the money in a certificate of deposit for 2 years. When she redeemed the certificate of deposit, she received $2166. What simple interest rate did Erin receive on this certificate of deposit?

algebra interest word problem - Reiny, Monday, March 9, 2009 at 7:26pm
this problem has the same structure as the one I answered for you 4 minutes ago.
The only difference is that one has to conclude that the amount of interest is $166

let me know what rate you got.
algebra interest word problem - Jordan, Monday, March 9, 2009 at 7:32pm
i don't know how to work it. didn't work out.
algebra interest word problem - Reiny, Monday, March 9, 2009 at 7:39pm
Just like before
R = I/PT
= 166/(2000x2)
= 166/4000
= .0415
= 4.15%
algebra interest word problem - Jordan, Monday, March 9, 2009 at 7:46pm
its $2166 NOT $166
algebra interest word problem - Reiny, Monday, March 9, 2009 at 7:48pm
She deposited 2000 and got back 2166

how much did she make ?
Isn't that the interest ?
algebra interest word problem - Jordan, Monday, March 9, 2009 at 8:11pm
i don't know

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