Question

HELP ASAP Larry deposits $36,000 into each of two savings accounts.

Account I earns 2.6% interest compounded annually.
Account II earns 2.6% annual simple interest.
There are no additional deposits or withdrawals.
What is the sum of the balances of these accounts at the end of 9 years?


$89,779.37

$90,710.74

$90,958.61

$93,069.22

Answer 1

for 1st depositsx

p=$36000

r=2.6%

t=9years

compound amount =p(1+r/100)^t

=$36000(1+2.6/100)^9=$45355.37

for another deposit.

p=$36000

r=2.6%

t=9years

simple amount

=ptr/100=36000×2.6×9/100=$8424

total amount =$8424+$36000=$44424

the sum of the balances of these accounts at the end of 9 years=$44424+$45355.37=$89,779.37