Register
Neal deposits $340 into each of two savings accounts. Account One earns 6% annual simple interest. Account II earns 5% interest compounded annually. Neal does not make any additional deposits or withdrawals.
24.1k views
1 vote
Neal deposits $340 into each of two savings accounts.

Account One earns 6% annual simple interest.
Account II earns 5% interest compounded annually.
Neal does not make any additional deposits or withdrawals. What is the sum of the balances of Account one and Account II at the end of 3 years?

User Usethedeathstar
by
5.8k points

1 Answer

12 votes

Answer:

Account I: 61,2

Account II: 51

Explanation:

6% 340 = 21,4

5% 340 = 17

21,4 . 3 = 61,2

17. 3 = 51

User Svalorzen
by
6.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.6m questions

8.7m answers

Other Questions

What is the least common denominator of the four fractions 20 7/10 20 3/4 18 9/10 20 18/25
What is 0.12 expressed as a fraction in simplest form
arlos has $690,000 he wants to save. If the FDIC insurance limit per depositor, per bank, is $250,000, which of these ways of distributing his money between three banks will guarantee that all of his money
Solve using square root or factoring method plz help!!!!.....must click on pic to see the whole problem
What is the initial value and what does it represent? $4, the cost per item $4, the cost of the catalog $6, the cost per item $6, the cost of the catalog?
Link Copied!