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Jimmy deposits $4,500 into each of two savings accounts. Account 1 earns 5% annuy simple interest . Account 2 earns 5% interest compounded annually . Jimmy's does not make any additional deposits or withdrawals . What is the sum of the balances of Account 1 and Account 2 at the end of 4 years

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Answer:

A1- 5400.00 A2- 5469.78 Total - 10,869.78

Step-by-step explanation:

Account 1

P is the principal amount, $4500.00.

r is the interest rate, 5% per year, or in decimal form, 5/100=0.05.

t is the time involved, 4....year(s) time periods.

So, t is 4....year time periods.

To find the simple interest, we multiply 4500 × 0.05 × 4 to get that:

The interest is: $900.00

Usually now, the interest is added onto the principal to figure some new amount after 4 year(s),

or 4500.00 + 900.00 = 5400.00.

Account 2

4500x.05=225. 4500+225=4725

4726x.05=235.25. 4726+235.25=4961.25

4961.25x.05=248.07. 4961.25+248.07=5209.32

5209.32x.05=260.46. 5209.32+260.46=5469.78

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