simple interest

Question

Suppose you bought a two-year CD for $30,000 from First Command Bank. 

Use the APY from the First Command Bank table to determine how much interest it earns for you at maturity. 

Answer 1

Hello Soto!

This is very simple. From the table, we get the APY of the bank is 3.90% for the two-year period. Therefore:

30000*3.90% = 1170

The answer would be $1170 in interest.