Question

Keisha just deposited a total of 900 into savings accounts at two different banks. the 550 she deposited at bank A will earn 2.25%of interest . bank B will earn 3%anual simple interest. if no additional deposits or withdraws are made to these accounts , which amount is the closest to the combined balance of the two accounts at the end of two years.

F:945.75
G:946.03
H:946.35
J:947.08

Answer 1

F.

Explanation:

Find how much interest she will earn from bank A:

100% = 550

1% = 550 ÷ 100 = 5.5

2.25% = 12.375

Find how much interest she will earn from bank B:

900 - 550 = 350

100% = 350

1% = 350 ÷ 100 = 3.5

3% = 3.5 x 3 = 10.5

Find out how much money she will earn from both banks of their interest:

10.5 + 12.375 = 22.875

Find out how much money she will earn from both banks of their interest in 2 years:

22.875 x 2 = 45.75

Find out how much she earns from both banks including interest:

900 + 45.75 = 945.75

(Final answer)