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?
5 answers
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
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}.
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}.
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}.