To make cds look more attractive as an investment than they really are, some banks advertise that their rates are higher than their competitors’ rates; however, the fine print says that the rate is based on simple interest. if you were to deposit $24,000 at 11% per year simple interest in a cd, what compound interest rate would yield the same amount of money in 3 years? the compound interest rate that would yield the same amount of money in 3 years is % per year.