Questions 11-15 all refer to the following
situation: The First Ojai National Bank advertises a CD that pays
8.2% simple interest for two years. Suppose we were to invest
$1,485 in such a CD.
12. The amount of interest earned in the first year is:
a. $1,606.77
Nope,
Just asking about
the interest (I = Prt). Your answer was for the Amount which
equals principle plus interest (A = P + I) or (A + P + Prt).
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