Mathematics
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Medium
Question
You deposit $600 in a 6-month CD; after 6 months the balance is $618. Simple annual interest rate?
A
0.06
✓ Official correct answer
B
0.05
C
0.07
D
0.08
Community credibility
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A
0.06
No member explanations yet for this option.
B
0.05
No member explanations yet for this option.
C
0.07
No member explanations yet for this option.
D
0.08
No member explanations yet for this option.
Explanation
Interest $18 in half a year on $600 → annual rate = 6% (0.06).