Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Michael is going to invest $15,000 into two savings accounts to save money to buy a house.

Bank of Texas account will earn 6.75% in simple interest.
United Texas Bank will earn 8% in simple interest.
What is the sum of the interest the two accounts will earn at the end of 5 years?

Sagot :

faizahhafzan06

Answer:

Bank of Texas = $10,031.35

United Texas Bank = $10,500.00

Step-by-step explanation:

Bank of Texas

A=P(1+rt)

P=$7,500

r=6.75%

t=5 years

$10,031.35

refer the pic

United Texas Bank

A=P(1+rt)

P=$7,500

r=8%

t=5 years

$10,500.00

refer the sec pic

View image faizahhafzan06
View image faizahhafzan06
Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.