Your fixed expenses are $1,151.65/month. You saved 4 months' worth in an emergency fund, investing 25% in a savings account at a 3.3% APR and the rest in a 60-day CD at a 4.3% APR. How much total interest accrues over 60 days? Round any decimals to the nearest penny.
First, calculate how much money was saved in total:
4 months of fixed expenses = 4 * $1,151.65 = $4,606.60
Next, calculate how much money was invested in the savings account:
25% of $4,606.60 = 0.25 * $4,606.60 = $1,151.65
Calculate the interest accrued in the savings account over 60 days:
$1,151.65 * 0.033 * (60/365) = $7.34
Calculate how much money was invested in the CD:
$4,606.60 - $1,151.65 = $3,454.95
Calculate the interest accrued in the CD over 60 days:
$3,454.95 * 0.043 * (60/365) = $21.19
Total interest accrued over 60 days = $7.34 + $21.19 = $28.53
So, the total interest accrued over 60 days is $28.53.