Gina deposits $2,000 into each of two savings accounts. • Account I earns 5% annual simple interest. • Account II ea

Question

Gina deposits $2,000 into each of two savings accounts.

• Account I earns 5% annual simple interest.
• Account II earns 5% interest compounded annually.

Gina 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 3 years?

PLS HELP ME. I WILL GIVE 40 POINTS.

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Thanh Hà 4 years 2021-09-03T12:49:36+00:00 1 Answers 6 views 0

Answers ( )

  1. Nem
    0
    2021-09-03T12:51:27+00:00
    Reply

    Answer:

    Simple interest:

    • $2000*(1 + 3*0.05) = $2300

    Compound interest:

    • $2000*(1 + 0.05)^3 = $2315.25

    Sum of the balances:

    • $2300 + $2315.25 = $4615.25

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