Luke deposits 3,500 dollars into each of two savings accounts account 1 earns 3%annual simple interest account 2 earns 3% interest compounded annually
For account 1, the simple interest earned in one year is 3% of $3500, which is 0.03 * $3500 = $<<0.03*3500=105>>105.
For account 2, the interest earned in one year is 3% of $3500, which is 0.03 * $3500 = $<<0.03*3500=105>>105.
Account 2 earns interest compounded annually, so the total amount in the account after one year is $3500 + $105 = $<<3500+105=3605>>3605.