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 = (p* r * t)/(100)\\\\I_1 = (509* 3.4* 3)/(100)\\\\I_1 =\$ 51.918`

Interest form second account is :

`I_2 = (p* r* t)/(100)\\\\I_2 = (509* 1.7* 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 .