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:

c. $2,970.00

Nope, just asking about the interest (I = Prt) and only for one year. Your answer must have been for the Amount which equals principle plus interest (A = P + I) or (A + P + Prt) and you must have done it for more than just the first year.

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