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Gia opened two savings accounts as two different banks. One account earns an annual 3.4% simple interest, and the other earns half as much. If she deposited $500 in each account…

Gia opened two savings accounts as two different banks. One account earns an annual 3.4% simple interest, and the other earns half as much. If she deposited $500 in each account…
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Gia opened two savings accounts as two different banks. One account earns an annual 3.4% simple interest, and the other earns half as much. If she deposited $500 in each account, how much total interest will she have earned in 5 years?

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User Vpozdyayev
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1 Answer

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First account: 500(1.034)^5 = $590.98

Second account: 500(1.017)^5 = $543.97
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User Channs
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