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.

Question

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. :,)

Answer 1

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

Answer 2

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

Answer 3

Use interest formulas, as oobleck said.

https://www.google.com/search?q=interest+formulas&oq=interest+formulas&aqs=chrome..69i57.3649j0j7&sourceid=chrome&ie=UTF-8

Answer 4

2 years later still no help, bum