What is the difference in the interest that would have accrued if all of the money from question #9 had only been in the savings account for the same 60 days? Round to the nearest penny.

Answer 1

To calculate the difference in interest accrued if all of the money from question #9 had only been in the savings account for 60 days, we first need to calculate the interest accrued on the entire amount at the savings account interest rate of 1.5%.

$15,000 * 0.015 * (60/365) = $36.99

Now, we need to subtract the interest accrued on the money in the CD for the first 30 days:

$10,000 * 0.02 * (30/365) = $16.44

Therefore, the difference in interest that would have accrued if all of the money had been in the savings account for the same 60 days would be:

$36.99 - $16.44 = $20.55

So, the difference in interest accrued would be $20.55.