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. what is

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

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

posted by bobpursley
2. It gives me 101.06. That's not in the answer options...

posted by DerpyPegasus33
3. Opps, it is wrong. This said simple interest, not compounded.
try
totalINTEREST= 400( .045)x3 + 450(.032)x3

posted by bobpursley
4. 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

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

posted by DerpyPegasus33

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