Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit $500.00 into an account, Account IN, which earns 2.5% annual simple interest. She will then deposit $300 into an account, Account IS, which earns 214%interest compounded annually.If Emma makes no other deposits or withdrawals, what is the total amount of money she will have at the end of 3 years?
Does that mean that she will have a total of 577.50 by the end of the 3 years??
My work: Account I; 500.00*.25*3=375.00
Account II; 300.00*.225*3=202.5
Then add the totals (375.00+202.50)=577.50
858.21
Okay I will rewrite the question:
Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit $500.00 into an account, Account I, which earns 2.5% annual simple interest. She will then deposit $300 into an account, Account II, which earns 2 1/4% interest compounded annually.
If Emma makes no other deposits or withdrawals, what is the total amount of money she will have at the end of 3 years?
thats not the real ms sue they just used the emoji
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assuming you meant 2.14% and not really 214%,
500(1 + .025*3) + 300(1 + .0214)^3
Or, maybe you meant 2.4%, and not 214%. In that case,
500(1 + .025*3) + 300(1 + .024)^3
In any case, just use the formulas you have learned ...