400(1+0.035*2)
250(1 + 0.314)^2
Nicolas has $650 to deposit into two different savings accounts.
Nicolas will deposit $400 into Account I, which earns 3.5% annual simple interest.
He will deposit $250 into Account II, which earns 314% interest compounded annually.
Nicolas will not make any additional deposits or withdrawals. Which amount is closest to the total balance of these two accounts at the end of 2 years?
3 answers
sneaking suspicion you mean 3.14%
250(1 + 0.0314)^2
250(1 + 0.0314)^2
dang!
well, I at least knew it wasn't 314%
well, I at least knew it wasn't 314%
1 answer