Question

Gia opened two savings accounts at two diffrent banks. One account earns an annual 3.4% simple interest, and the other earns half as much. If she deposited $509 in each account, how much total interests will sh have earned in 3 years? A:$153.00 B:$38.25 C:$76.50 D:$51.00

Answer 1

Interest from first account is :

$I_1 = \dfrac{p\times r \times t}{100}\\\\I_1 = \dfrac{509\times 3.4\times 3}{100}\\\\I_1 =\ 51.918$

Interest form second account is :

$I_2 = \dfrac{p\times r\times t}{100}\\\\I_2 = \dfrac{509\times 1.7\times 3}{100}\\\\I_2 = \ 25.959$

So, total interest is :

$I = I_1 + I_2 \\\\I = 51.918 + 25.959\\\\I = \ 77.877$

Therefore, total interest is $77.877 .