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13 Hannah deposits $3,000 into each of two
savings accounts.
• Account I earns 4% annual simple
interest.
• Account II earns 4% interest
compounded annually.
Hannah 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 2 years?

Respuesta :

sqdancefan

9514 1404 393

Answer:

   $6484.80

Step-by-step explanation:

Account I:

The balance in the account after 2 years will be ...

  A = P(1 +rt)

  A = $3000(1 +0.04(2)) = $3240

__

Account II:

The balance in the account after 2 years will be ...

  A = P(1 +r)^t

  A = $3000(1 +0.04)^2 = $3244.80

__

The sum of the two balances after 2 years is ...

  $3240 +3244.80 = $6484.80

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