Last year, Hans deposited
$3000
into an account that paid
5%
interest per year and
$7000
into an account that paid
4%
interest per year. No withdrawals were made from the accounts
yes, how do I solve it
That's nice. Do you have a question about this situation?
To calculate the total amount of interest earned, we need to calculate the interest earned on each account separately and then add them together.
For the first account that paid 5% interest per year:
Interest earned = Principal (amount deposited) * Rate of interest
= $3000 * 5% = $150
For the second account that paid 4% interest per year:
Interest earned = Principal (amount deposited) * Rate of interest
= $7000 * 4% = $280
Now, to find the total amount of interest earned, we add the interest earned from both accounts:
Total interest earned = Interest earned from Account 1 + Interest earned from Account 2
= $150 + $280
= $430
Therefore, Hans earned a total of $430 in interest from both accounts.
To find the total interest earned by Hans, we need to calculate the interest earned from each account separately and then add them together.
Let's start with the account that paid 5% interest.
To find the interest earned from this account, we use the formula:
Interest = Principal x Rate
where Principal is the amount of money deposited, and Rate is the interest rate expressed as a decimal.
In this case, the Principal is $3000, and the Rate is 5% (or 0.05).
So, the interest earned from this account is:
Interest = $3000 x 0.05 = $150
Next, let's calculate the interest earned from the account that paid 4% interest.
Using the same formula, we have:
Interest = Principal x Rate
where Principal is $7000, and the Rate is 4% (or 0.04).
So, the interest earned from this account is:
Interest = $7000 x 0.04 = $280
Now, let's add the interest earned from both accounts:
Total Interest = $150 + $280 = $430
Therefore, Hans earned a total of $430 in interest from his deposits.