posted by DerpyPegasus33

Lester deposited \$400 into a savings
account earning 4.5% simple interest, and
\$450 into an investment account earning
3.2% interest compounded annually. What
was the total interest he earned in 3 years?

A \$986.00
B \$89.06
C \$9.60
D \$98.60

1. bobpursley

what is

totalINTEREST= 400( 1.045)^3 + 450( 1.032)^3 -400-450

400( 1.045)^3 + 450( 1.032)^3 - 850=

2. DerpyPegasus33

It gives me 101.06. That's not in the answer options...

3. bobpursley

Opps, it is wrong. This said simple interest, not compounded.
try
totalINTEREST= 400( .045)x3 + 450(.032)x3

4. Reiny

interest from simple interest = 400(.045)(3) = 54
interest fromt he compound account
= 450(1.032)^3 - 450 = 44.60

total interest = 54 + 44.60 = 98.60 , which is D

5. DerpyPegasus33

Yeah it gave me D. I did both the simple and compound interest and then added them to get my answer. Thanks!!!

## Similar Questions

1. ### Math (Algebra/Pre-Algebra)

Ms. Caswell deposits \$450 into an account earning 8% interest per year. How much simple interest is earned after 4 years?
2. ### math

Suppose that \$200 was deposited on 1st Jan 2000 into an account that earned 5% interest compounded semiannually. Suppose further that \$200 was deposited on 1st Jan 2001 into a different account that earned 6% interest compounded semiannually. …
3. ### Algebra( check my answers)

1. Juan deposited \$200 in a savings account earning 3% interest over 2 years. What was the total amount of interest earned after 2 years?
4. ### math

Huan deposited \$850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited\$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore …
5. ### MATH HELP! Complex Interest

Huan deposited \$850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited\$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore …
6. ### Can you help me with this math problem? ASAP plz!

Lester deposited \$400 into a savings account earning 4.5% simple interest, and \$450 into an investment account earning 3.2% interest compounded annually. What was the total interest he earned in 3 years?
7. ### Lat math question for some days. Can y'all help?

Huan deposited \$850 into a college savings account earning 4.8% interest compounded annually. He also deposited \$850 into a second account earning 4.8% simple interest. He made no additional deposits. After 10 years, which account …
8. ### Math

I need to see how this is answered. 1. Lauren deposited \$200 into her savings account with 1% interest rate compounded annually. After 4 years her balance was \$208.12. Colby deposited \$200 into a savings account that earned a 2% simple …
9. ### math (algebra 1)

help please, i need help on this question wendy deposited \$60 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much interest will she earn in 3 years?
10. ### math

Ness won \$2400000 in a state lottery. After paying 39% of her winnings to taxes, she invested some of the money into an account earning 4.8% interest and the rest into an account earning 3.9% interest. If the total interest earned …

More Similar Questions