Your fixed expenses are $1,151.65/month. You saved 4 months' worth in an emergency fund, investing 25% in a savings account at a 3.3% APR and the rest in a 60-day CD at a 4.3% APR. How much total interest accrues over 60 days? Round any decimals to the nearest penny.

Answer 1

First, we need to calculate how much was saved in each account.

Total savings in emergency fund = $1,151.65/month x 4 months = $4,606.60

Amount saved in savings account = 25% x $4,606.60 = $1,151.65

Amount saved in CD = $4,606.60 - $1,151.65 = $3,454.95

Next, we calculate the interest accrued in each account over 60 days.

Interest accrued in savings account = $1,151.65 x (3.3/100) x (60/365) = $7.07

Interest accrued in CD = $3,454.95 x (4.3/100) x (60/365) = $19.64

Total interest accrued over 60 days = $7.07 + $19.64 = $26.71

Therefore, the total interest accrued over 60 days is $26.71.