perry invests $2,800 into two savings accounts. One account earns 4% annual interest; the other earns 3.5%.
What is your question?
How much goes into each account? $1400? $2800?
If that is 2800 @ 4% and another 2800 @ 3.5%, then,
interest = principal x 0.04 = ?
interest = principal x 0.035 = ?
To determine the amount of interest Perry will earn from each account, we need to calculate the interest for each account separately.
First, let's calculate the interest earned from the account that earns 4% annual interest.
Step 1: Calculate the interest for the account earning 4%:
Interest = Principal * Rate
In this case, the principal (amount invested) is $2,800, and the rate is 4% or 0.04.
Interest = $2,800 * 0.04 = $112
So, Perry will earn $112 in interest from the account earning 4%.
Now, let's calculate the interest earned from the account that earns 3.5% annual interest.
Step 2: Calculate the interest for the account earning 3.5%:
Interest = Principal * Rate
The principal is still $2,800, and the rate is 3.5% or 0.035.
Interest = $2,800 * 0.035 = $98
Therefore, Perry will earn $98 in interest from the account earning 3.5%.
To summarize:
- The account that earns 4% will earn $112 in interest.
- The account that earns 3.5% will earn $98 in interest.