1. Questions

math

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?
Note, show your answer and all steps needed to complete.

i seriously need help the question is due soon. :,)

  1. 👍
  2. 👎
  3. 👁
bad@math

  1. just use your interest formulas. Her balance will be
    500(1 + 0.025*3) + 300(1 + 0.225)^3

    1. 👍
    2. 👎
    👤
    oobleck

  2. Hi! I am very bad at this. I see your answer but is there anyway you can explain how you got that?

    1. 👍
    2. 👎
    Y.T.M

  4. Use interest formulas, as oobleck said.

    https://www.google.com/search?q=interest+formulas

    1. 👍
    2. 👎
    👤
    Writeacher

Respond to this Question

First Name

Your Response

Similar Questions

  1. Pre-Algebra

    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

  2. math for connexus

    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

  3. magh

    suppose you put money into teo different bank accounts. In account #1 you deposit $500 and you will be earning 6% interest compounded quarterly. in account #2 you deposit $600 and you will be earning 5% interest compounded

  4. math

    A mother wants to invest $9,000.00 for her son’s future education. She invents a portion of the money in a bank certificate of deposit (Cd account) which earns 4% and the remainder in a saving bond that earns 7%. If the total

  1. PRE-CALCULUS

    . Sam won $150,000 in the Michigan lottery and decides to invest the money for retirement in 20 years. Find the accumulated value for Sam’s retirement for each of his options: (a) a certificate of deposit paying 5.4% compounded

  2. math, financial math

    Question says " Find the accumulated amount at the end of 9 months on an $800 deposit in a bank pating simple interest at a rate of 6% year". I know that the simple interest formula is A=P (1+rt) With p being $800 and r being

  3. math algebra

    you deposit $800 in an account that earns simple interest at an annual rate of 5%. how long must you leave the money in the account to earn $100 in interest?

  4. ECON-HELP!!

    1. In the Country of Wiknam, the velocity of money is constant. Real GDP grows by 5 percent per year, the money stock grows by 14 percent per year, and the nominal interest rate is 11 percent. What is the real interest rate? 2.

  1. algebra

    Suppose you have $55 in your account. You start saving $10 each week. Your friend has $20 in her account and is saving $15 each week. A) When will you and your friend have the same amount of money in your accounts? B) How much

  2. Math

    emma has a small garden. Emma's garden is 1/5beans 1/8 piece & 1/2 corn. the rest is planted with flowers. what fraction of Emma's garden is planted with vegetables

  3. MATH

    I'm saving money over a year to buy a $157.50 gift. I start with an empty piggybank. I put in a small amount of money. Each month after January, I put in $1.75 more than I put in the previous month. By the end of the December I've

  4. Math

    Which of the following is the best example of a long-term goal? Earning a two-year college degree Saving enough to fully pay for your children's college educations Saving 15% of all your earnings* Earning a total of $200 more per

You can view more similar questions or ask a new question.