1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
weqwewe [10]
2 years ago
12

Vanessa deposits $24,000 into each of two savings accounts. Account I earns 2. 4% interest compounded annually. Account II earns

2. 4% annual simple interest. There are no additional deposits or withdrawals. What is the sum of the balances of these accounts at the end of 5 years? $53,760. 00 $53,901. 59 $54,043. 20 $56,640. 0.
Mathematics
1 answer:
ikadub [295]2 years ago
4 0

The sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)

<h3>How to calculate compound interest's amount?</h3>

If the initial amount (also called as principal amount) is P, and the interest rate is R% per unit time, and it is left for T unit of time for that compound interest, then the interest amount earned is given by:

CI = P(1 +\dfrac{R}{100})^T - P

The final amount becomes:

A = CI + P\\A = P(1 +\dfrac{R}{100})^T

<h3>How to calculate simple interest amount?</h3>

If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:

I = \dfrac{P \times R \times T}{100}

For the considered case, we're given that:

  • Initial amount in both accounts deposited = $24,000 = P
  • Type of interest: Compound interest in first account and simple interest in second account
  • Unit of time: Annually
  • Rate of interest = 2.4% annually = R
  • Total unit of time for which amount is to be calculated: 5 years = T

In first account, the final amount at the end of 5 years is evaluated as:

A = 24000(1 + \dfrac{2.4}{100})^4 = 24000(1.024)^4  \approx 27021.59\: \rm (in \:  dollars)

In second account,  the final amount at the end of 5 years is evaluated as:

A = 24000 +  \dfrac{24000 \times 2.4 \times 5}{100} = 24000 + 2880 = 26880 \text{\: (in dollars)}

Total amount after 5 years in these accounts = 27021.59 + 26880 = 53901.59 (in dollars)

Thus, the sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)

Learn more about compound interest here:

brainly.com/question/11897800

You might be interested in
Help me pls thankyouuuuuuu
torisob [31]

Answer: 4\sqrt[3]{4}

Step-by-step explanation:

8 0
2 years ago
Read 2 more answers
Each of 3 bags contains x pencils. Tyler adds 2 more pencils to each bag. Altogether, the gift bags contain 12 pencils.
WARRIOR [948]

Answer:

Below

Step-by-step explanation:

5 0
3 years ago
Someone, please help my teacher doesn't want to help me and ugh I'm frustrated. Any help would be great!
maw [93]

Answer:

my brother said it is 5 and 10... but i do not know if it is

7 0
2 years ago
If four of the exterior angles of a convex pentagon measure
MakcuM [25]

Answer:

120 degrees.

Step-by-step explanation:

The 5 exterior angles sum to 360 degrees.

So the 5th exterior angle = 360 - 4(60)

= 360 - 240

= 120 degrees.

3 0
3 years ago
Read 2 more answers
How many square centimeters are in a square meter?
k0ka [10]

10000 square centimeter

8 0
3 years ago
Read 2 more answers
Other questions:
  • The supervisor at the second job says, “I’ll give you a penny today and double your pay every day for 30 days if you’ll work for
    7·2 answers
  • 15 POINTS!!!1 HELPPP!!!!!!
    15·1 answer
  • Write 6^8 • 6^7 as a single power
    7·1 answer
  • A basketball player made 48% of the shots she attempted. If she made 36 baskets, how many shots did she attempt
    13·1 answer
  • Find the area of both of these trapeziods using the formula (b1 + b2) • h ÷ 2.
    12·1 answer
  • Aubreys dinner cost $85 she tips the waitstaff 30% for excellent service
    14·1 answer
  • Simplify - 4 of u-2​
    12·2 answers
  • Please help me on question 6
    9·1 answer
  • Two numbers have a sum of 49, and 4 TIMES the first number MINUS the second number is EQUAL to 141. What are the two numbers?
    11·1 answer
  • A scuba diver descends farther down into the ocean from an initial depth of 12.8 feet below sea level. The scuba diver descends
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!