How much interest is earned on a CD with a 2 year fixed maturity, if the initial investment is \( \$ 910 \) and the annual interest rate is \( 3.5 \% \) ? Interest \( =\$[?] \) Round your answer to the nearest hundredth.

To calculate the interest earned on a Certificate of Deposit (CD) with a fixed maturity, you can use the formula for simple interest: \[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \] Here, the principal is \( \$910 \), the annual interest rate is \( 0.035 \) (3.5%), and the time is 2 years. Plugging in the values: \[ \text{Interest} = 910 \times 0.035 \times 2 = 63.85 \] So, the interest earned on the CD is \( \$63.85 \). And voilà! Your money is working for you, earning that sweet interest while you relax! Remember, it’s all about that compound growth—if this was a compound interest scenario, you’d be even more impressed after a few years.