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
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
3 answers
derpy, you need to stop mooching answers. Show some work.
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 :(
2 answers