Question

Jamal deposits $2,500 into each of two savings accounts.

•Account 1 earns 4% annual simple interest

•Account Il earns 5% annual simple interest

Jamal does not make any additional deposits or withdrawals.

What is the sum of the balances of Account and Account If at the end of 3 years?

Answer 1

Account one will have $2800.
Account two will have $2875

And just so you can know how I figured it out if you times 4 x 3 that is 12 and 12% of 2500 is 300 and then add that to the initial amount and that’s how I got that one. And you do the same thing with the other one and do 5×3 and that is 15 and 50% of 2500 is 375 and that’s how I got the other answer