Question

For the problem I see posted here already that reads - " A woman has two bank accounts. One contains $329 and awards 4% in interest each month. The other contains $921 and awards 7% in interest each month. What will the combined value of her two accounts be at the end of the month?" I see the answer but what formula did you use to solve this problem??????? It'll help me better understand. Thanks!

Answer 1

$1327.63

Explanation:

:First, calculate the amount of interest that will be earned on the first account:

$329 * 0.04 = $13.16

Then, add this amount to the amount that was already in the account:

$13.16 + $329 = $342.16

Next, calculate the amount of interest that will be earned on the second account:

$921 * 0.07 = $64.47

Then, add this amount to the amount that was already in the account:

$64.47 + $921 = $985.47

Finally, add the two totals together: $342.16 + $985.47 = $1327.63.