Frank and his grandma have been saving for him to go to college. Frank’s grandma deposited 8000 to start an account at Eagle view 18 years ago. Frank opened an account with 3000 at west United 2 years ago. Neither of them deposited or withdrew money after opening the accounts. How much do they have combined for college?
Frank's account at Eagle view has been open for 18 years, so it has accrued interest for 18 years. Frank's account at West United has been open for 2 years, so it has accrued interest for 2 years. We can calculate the accrued interest for each account separately.
The interest accrued at Eagle view is calculated using the formula: Interest = Principal * Rate * Time
Frank's principal at Eagle view is $8000 and the rate is not given. Let's assume the rate is 2% (0.02).
The time is 18 years.
So, the interest accrued at Eagle view is: 8000 * 0.02 * 18 = $2880.
The interest accrued at West United is calculated using the same formula: Interest = Principal * Rate * Time
Frank's principal at West United is $3000 and the rate is also not given. Let's assume the rate is 3% (0.03).
The time is 2 years.
So, the interest accrued at West United is: 3000 * 0.03 * 2 = $180.
To find the total amount they have for college, we add the interest accrued to their initial deposits.
For Frank's account at Eagle view: $8000 + $2880 = $10880
For Frank's account at West United: $3000 + $180 = $3180
Combined, they have: $10880 + $3180 = $14060 for college. Answer: \boxed{14060}.
Frank and his grandma have been saving for him to go to college. Frank’s grandma deposited 8000 to start an account at Eagle view 18 years ago. Frank opened an account with 3000 at west United 2 years ago. Neither of them deposited or withdrew money after opening the accounts. How much do they have combined for college? the rate for eagle view will be 8.5% simple intrest
and west united is 2% compound intrest
To calculate the total amount they have combined for college, we need to calculate the interest accrued for each account separately.
For Frank's account at Eagle view, the interest is calculated using the formula: Interest = Principal * Rate * Time.
Frank's principal at Eagle view is $8000, the rate is 8.5% (0.085), and the time is 18 years.
So, the interest accrued at Eagle view is: $8000 * 0.085 * 18 = $12240.
For Frank's account at West United, the interest is calculated using the compound interest formula:
Interest = Principal * (1 + Rate/Number of Compounding Periods)^(Number of Compounding Periods * Time).
Frank's principal at West United is $3000, the rate is 2% (0.02), and the time is 2 years.
Let's assume the compounding period is annually (1 compounding period per year).
So, the interest accrued at West United is: $3000 * (1 + 0.02/1)^(1 * 2) - $3000 = $121.20.
To find the total amount they have combined for college, we add the interest accrued to their initial deposits.
For Frank's account at Eagle view: $8000 + $12240 = $20240.
For Frank's account at West United: $3000 + $121.20 = $3121.20.
Combined, they have: $20240 + $3121.20 = $23361.20 for college.
Therefore, they have a total of $23361.20 combined for college. Answer: \boxed{23361.20}.
Frank and his grandma have been saving for him to go to college. Frank’s grandma deposited 8000 to start an account at Eagle view 18 years ago. Frank opened an account with 3000 at west United 2 years ago. Neither of them deposited or withdrew money after opening the accounts. How much do they have combined for college? 8.5 simple and 5 compound
To calculate the combined amount for college, we need to calculate the interest accrued for each account separately.
For Frank's account at Eagle view, the interest is calculated using the formula: Interest = Principal * Rate * Time.
Frank's principal at Eagle view is $8000, the rate is 8.5% (0.085), and the time is 18 years.
So, the interest accrued at Eagle view is: $8000 * 0.085 * 18 = $12240.
For Frank's account at West United, the interest is calculated using the compound interest formula:
Interest = Principal * (1 + Rate/Number of Compounding Periods)^(Number of Compounding Periods * Time).
Frank's principal at West United is $3000, the rate is 5% (0.05), and the time is 2 years.
Let's assume the compounding period is annually (1 compounding period per year).
So, the interest accrued at West United is: $3000 * (1 + 0.05/1)^(1 * 2) - $3000 = $320.89.
To find the total amount they have combined for college, we add the interest accrued to their initial deposits.
For Frank's account at Eagle view: $8000 + $12240 = $20240.
For Frank's account at West United: $3000 + $320.89 = $3320.89.
Combined, they have: $20240 + $3320.89 = $23560.89 for college.
Therefore, they have a total of $23560.89 combined for college. Answer: \boxed{23560.89}.
To determine how much Frank and his grandma have combined for college, we need to calculate the interest accumulated on each account over the years.
For Frank's grandma's account at Eagle view, we can use the formula for compound interest:
A = P * (1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (initial deposit)
r = annual interest rate (assumed to be a fixed rate over the years)
n = number of times the interest is compounded per year
t = number of years
Let's assume a compounded interest rate of 5% per annum compounded annually. Plugging in the values, we get:
A = 8000 * (1 + 0.05/1)^(1*18)
A = 8000 * (1 + 0.05)^18
A = 8000 * (1.05)^18
A ≈ 8000 * 1.998055779
A ≈ 15,984.45
So, Frank's grandma's account at Eagle view has accumulated approximately $15,984.45.
For Frank's account at West United, since the account has only been open for 2 years, there won't be any interest accumulated. So, the amount in Frank's account remains at $3000.
Now, to find the total combined amount, we simply add the amounts from the two accounts:
Total amount = Amount in Frank's grandma's account + Amount in Frank's account
Total amount = $15,984.45 + $3000
Total amount ≈ $18,984.45
Therefore, Frank and his grandma have approximately $18,984.45 combined for college.
To find out how much Frank and his grandma have combined for college, we need to calculate the total amount in both of their accounts.
Frank's grandma deposited $8000 18 years ago at Eagle View Bank. After 18 years, the account will have grown due to interest. To determine the amount in the account after 18 years, we need to know the interest rate and the compounding frequency. Once we have this information, we can use the compound interest formula to calculate the future value of the deposit.
Similarly, Frank opened an account with $3000 at West United Bank 2 years ago. Like before, we need to know the interest rate and compounding frequency to determine the future value of his deposit after 2 years.
Without the interest rate and compounding frequency, it is not possible to calculate the final amount in both accounts.