A $2600 certificate of deposit held for 66 days was worth $2623.36. What simple interest rate was earned? Assume a 360-day year. The certificate of deposit earned an interest rate of%. (Type an integer or decimal rounded to the nearest tenth as needed.)

A $2600 certificate of deposit held for 66 days was worth $2623.36. What simple interest rate was earned? Assume a 360-day year. The certificate of deposit earned an interest rate of%. (Type an integer or decimal rounded to the nearest tenth as needed.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A $2600 certificate of deposit held for 66 days was worth $2623.36. What simple interest rate was earned? Assume
a 360-day year.
The certificate of deposit earned an interest rate of %.
(Type an integer or decimal rounded to the nearest tenth as needed.)

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