Asked by DerpyPegasus33

Lester deposited $400 into a savings
account earning 4.5% simple interest, and
$450 into an investment account earning
3.2% interest compounded annually. What
was the total interest he earned in 3 years?

A $986.00
B $89.06
C $9.60
D $98.60
Answered by Anonymous
simple for 3 years
.045 * 3 = .135

.135 * 400 = 54

compounded for three years
1.032^3 - 1 = .0991

.0991 * 450 = 44.60

54 + 44.60 = 98.60
Answered by bobpursley
derpy, you need to stop mooching answers. Show some work.
Answered by DerpyPegasus33
Mooching? That kinda sounds fancy. Adding that to my vocab list. I try but I'm terrible at interest. I needed help ASAP cause I hate math. So sorry for, er, mooching the questions...but I have too :(
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