Question

Aerial's grandmother gave her $5,500.00 to save for her college education. She went to the bank to open a savings account. The bank told her they had two options available.

Account A will pay 5.5% simple interest until the account is closed.

Answer 1

Account B will pay 4.5% simple interest and if the account is left open for longer than 3 years, then at the end of the third year a bonus account will be opened with $250 that also earns 4.5% for the remainder of the time the initial account is open. When the initial account is closed, the bonus account will be closed as well and the money from the two accounts will be combined.

Answer 2

If Aerial is planning on leaving the money in the account for 4 years and then withdrawing all funds, then account a or b is the better choice earning her ?(18.75, 30.00, 41.25, 208.75, 220.00) more.

Answer 3

@TheSmartOne @lizz123 @MCLover1477 @Secret-Ninja @KyanTheDoodle

Answer 4

i think.....account a maybe

Answer 5

im probably wrong

Answer 6

@SolomonZelman

Answer 7

he could help

Answer 8

@sammixboo

Answer 9

ort her

Answer 10

or*

Answer 11

Account A = 5,802.50

Account B = 6,008.75

So I believe it's B.

Answer 12

ok

Answer 13

account A
I = PRT
P = 5500
R = 5.5% = .055
T = 4

I = (5500)(.055)(4)
I = 1210

total + interest = 5500 + 1210 = 6710
------------------------
account B
I = PRT
P = 5500
R = 4.5% = .045
T = 3

I = PRT
I = (5500)(.045)(3)
I = 742.50

5500 + 742.50 = 6242.50

I = PRT
P = 250
R = 4.5% = 0.45
T = 1

I = (250)(.045)(1)
I = 11.25

250 + 11.25 = 261.25

6242.50 + 261.25 = 6503.75
---------------------------
Account A - Account B =
6710 - 6503.75 = 206.25

I am getting a different answer....I am getting that Account A is a better deal

Answer 14

i got it it was a and 41.25

Answer 15

I got A and 206.25...which is not even an answer choice

Answer 16

@Zarkon ...can you take a look at this please....where am I messing up

Answer 17

@Preetha ..can you help

Answer 18

i have no clue my uncle gave me the answer sorr but i did gove you a medal

Answer 19

you didn't have to give me a medal....I didn't even give you the right answer...although I cannot see my mistake.

Answer 20

i gave it to you because you tried

Answer 21

thank you

Answer 22

no problem

Answer 23

I got b and 14.25

Answer 24

oh 41.25 was correct sorry @Samara8954

Answer 25

I know this is late, but it's B and $41.25 not a