Question

Mirs. Dominguez has $9,400 to deposit into two different

investment accounts.
Mrs. Dominguez will deposit $3,500 into Account which
earns 6.5% annual simple interest
$
6
interest compounded annually.
Mrs. Dominguez will not make any additional deposits or
withdrawals. What is the total balance of these two accounts at the
end of ten years?​

Answer 1

16341

Explanation:

so it's 3500 at 6.5 simple and then 5900 at 6% compounding per anum

Simple interest formula:

PV(1+it)

3500(1+.065*10)=5775

Annually Compounding interest formula

PV(1+i)ⁿ

5900(1+.06)¹⁰=10566.0014096

Take the sum

10566.0014096+5775=16341.0014096

Which rounds to 16341