Question

Regular Expression: Conner has $875 to deposit into two different savings accounts. He will deposit $500 into Account #1, which earns 3% annual simple interest. He will deposit $375 into Account #2, which earns 3.5% interest compounded annually. After two years, what will the difference be between the Amounts in the two Accounts? *

Answer 1

$5.5

Explanation:

Account#1=simple interest

SI=PRT /100

500*3*2/100=$30

Account#2=compound interest

CI=500*3.5/100*1(year1)

=17.5

year2=(500+17.5) 517.5*3.5/100*1

=18

total=17.5+18

=35.5

because it is the question is on diffferences, you subtract (35.5-30)

=$5.5

Answer 2

Explanation:

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Hope this helps!