Question

Tim deposits $4,000 into each of two savings accounts.

• Account I earns 3% annual simple interest.
• Account II earns 3% interest compounded annually.


Tim does not make any additional deposits or withdrawals. What is the sum of the balances of Account I and Account II at the end of 2 years?


$8,480
$8,480

$8,483.60
$8,483.60

$8,487.20
$8,487.20

$8,240

Answer 1

8483.60 I had this question too and decided to help you.

Answer 2

I think its $8,480 if not I'm sorry