for a certain cd, the initial investment is $1,900 and the annual interest rate is 3%. how much interest is…

for a certain cd, the initial investment is $1,900 and the annual interest rate is 3%. how much interest is earned in year two? year one interest = $57.00 year two interest = $? total interest = $ do not round your answer.

for a certain cd, the initial investment is $1,900 and the annual interest rate is 3%. how much interest is earned in year two? year one interest = $57.00 year two interest = $? total interest = $ do not round your answer.

Answer

Answer:

$58.71$

Explanation:

Step1: Calculate balance after year one

$1900 + 57=1957$

Step2: Calculate year - two interest

$1957\times0.03 = 58.71$