Question

You have three online accounts and three different banks valued at: bank “A” $250.67, 12% interest, bank “B” $765.13, 7% interest and bank “C” $28,500.36, 9% interest. what is the average interest gained from three accounts in one year?

Answer 1

The average interest gained from three accounts in one year is $913.224

Explanation:

Given:

Bank A:

Principal, P₁ = $250.67

Rate, r₁ = 12 %

Bank B:

Principal, P₂ = $765.13

Rate, r₂ = 7 %

Bank C:

Principal, P₃ = $28500.36

Rate, r₃ = 9 %

Interest from Bank A:

$Interest = \frac{p X r X t}{100}\\\\I = \frac{250.67 X 12 X 1}{100} \\\\I = 30.0804$

Interest from Bank B:

$Interest = \frac{p X r X t}{100}\\\\I = \frac{765.13 X 7 X 1}{100} \\\\I = 53.5591$

Interest from Bank C:

$Interest = \frac{p X r X t}{100}\\\\I = \frac{28500.36 X 9 X 1}{100} \\\\I = 2565.0324$

Average interest gained from three accounts in one year :

$I = \frac{30.0804+53.5591+2656.0324}{3} \\\\I = 913.224$

Therefore, average interest gained from three accounts in one year is $913.224