Leah Hagel Bought a $3,000, 9-Month Certificate of Deposit (CD)

question 128

Multiple Choice

Leah Hagel bought a $3,000, 9-month certificate of deposit (CD) that would earn 9% annual simple interest. Three months before the CD was due to mature, Leah needed her CD money, so a friend agreed to lend her money and receive the value of the CD when it matured. If their agreement allowed the friend to earn a 7% annual simple interest return on her loan to Leah, how much did Leah receive from her friend? Round your answer to the nearest cent. ​

• A)$3,258.54
• B)$3,129.48
• C)$3,094.20
• D)$3,183.93
• E)$3,059.71

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Definitions:

Environmental

Relating to the natural world and the impact of human activity on its condition.

Cost of Goods Sold

Expenses directly associated with the production process of goods for sale by a company, including both labor and materials.

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead.

Cost of Goods Purchased

The total price paid for products bought for resale, including freight-in costs, less any purchase returns or allowances.