A customer earned $3,262.50 interest on a 9-month CD. How much was the opening deposit?
the rate is 2.9%
idk i need help
To find the opening deposit, we need to first calculate the interest rate per month.
Step 1: Divide the interest earned by the number of months:
Interest Rate per Month = Interest Earned / Number of Months
Interest Rate per Month = $3,262.50 / 9
Step 2: Calculate the opening deposit by dividing the interest earned per month by the interest rate per month:
Opening Deposit = Interest Earned / Interest Rate per Month
Let's calculate it step by step:
Step 1: Calculate the interest rate per month:
Interest Rate per Month = $3,262.50 / 9
Interest Rate per Month ≈ $362.50
Step 2: Calculate the opening deposit:
Opening Deposit = $3,262.50 / $362.50
Opening Deposit ≈ $9,000
Therefore, the opening deposit for the CD was approximately $9,000.