Last year, Lucy 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.
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To find the total interest earned on Lucy's deposits, we need to calculate the interest earned from each account separately and then add them together.
Let's calculate the interest for each account first.
Account 1:
Principal amount (P1) = $3000
Interest rate (R1) = 5%
Time (T1) = 1 year
The formula to calculate the interest is:
Interest (I1) = P1 * R1 * T1
Substituting the values, we get:
I1 = $3000 * (5/100) * 1
Simplifying the expression, we have:
I1 = $150
So, the interest earned from Account 1 is $150.
Account 2:
Principal amount (P2) = $7000
Interest rate (R2) = 4%
Time (T2) = 1 year
Using the same formula to calculate the interest, we have:
I2 = $7000 * (4/100) * 1
Simplifying the expression, we get:
I2 = $280
So, the interest earned from Account 2 is $280.
Now, to find the total interest earned, we sum up the interest from both accounts:
Total interest earned = I1 + I2
Total interest earned = $150 + $280
Total interest earned = $430
Therefore, the total interest earned on Lucy's deposits is $430.