Question

Your fixed expenses are $1,328.90/month and you saved 4 months' worth in an emergency fund. You place half in a 45-day CD at a 4.5% APR and the remainder in a regular savings account at a 3.2% APR. How much total interest do you earn in 45 days? $23.01 $25.24 $21.19 $24.84

Answer 1

Answer: $25.24

Explanation: Gradpoint

Answer 2

You saved 4 months

1,328.9 × 4 = 5,315.6

half in each account

5,315.6 ÷ 2 = 2,657.8

CD interest

2,657.8 × 0.045 × ( 45 ÷ 365 ) = 14.75

Savings account

2,657.8 × 0.032 × ( 45 ÷ 365 ) = 10.49

14.75 + 10.49 = $25.24 total interest earned