James opens 2 different savings accounts and deposits $12,000 into each one. account i earns 2.2% interest compounded annually. account ii earns 2.2% annual simple interest. there are no additional deposits or withdrawals. what is the sum of the total balances of these accounts at the end of 7 years? question 7 options: $27,168.00 $27,696.00 $27,949.08 $27,822.53

The Total Interest Combine will be interest from the compounded invesestment and that of the simple interest investement $13,974.54 plus $13,848.00 which is 27 822.54 US$

Compound Interest

Given Data

Principal = $12,000

Rate = 2.2%

Time = 7 years

Calculation For Compound Interest:

First, convert R as a percent to r as a decimal

r = R/100

r = 2.2/100

r = 0.022 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 12,000.00(1 + 0.022/1)(1)(7)

A = 12,000.00(1 + 0.022)(7)

A = $13,974.54

Calculation For Simple Interest:

First, converting R percent to r a decimal

r = R/100 = 2.2%/100 = 0.022 per year.

Solving our equation:

A = 12000(1 + (0.022 × 7)) = 13848

A = $13,848.00

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