Had Abena taken simple interest instead, her CD would have been worth:

Question

Accepted Answer

C. $1,120.00

1. Simple interest works only on the original $1,000.
2. Three years at 4 per cent gives $120 of interest.
3. So the CD would have been worth $1,120.00.
_Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_

Answer

$1,210.00

Answer

$1,201.00

Answer

$1,102.00

Had Abena taken simple interest instead, her CD would have been worth:

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