Respuesta :
I found the same question on the internet and their answer is $9.76, which is obviously not in your choices. They deducted both given interest rates before multiplying it to the emergency fund amount and dividing it by 12 months.
4.57%−3.5%
=1.07%
(0.0107×10,943.89)÷12
=9.76
Another possible answer is $22.96 using 30 days / 365 days in a year.
Savings: 10,943.89 x (1/4) x 3.5% x (30/365) = $7.87
CD: 10,943.89 x the remainder (3/4) x 4.57% x (30/365) = $30.83
The difference between the two values: 30.83 - 7.87 = $ 22.96: so the first choice (I'm not so sure though)
4.57%−3.5%
=1.07%
(0.0107×10,943.89)÷12
=9.76
Another possible answer is $22.96 using 30 days / 365 days in a year.
Savings: 10,943.89 x (1/4) x 3.5% x (30/365) = $7.87
CD: 10,943.89 x the remainder (3/4) x 4.57% x (30/365) = $30.83
The difference between the two values: 30.83 - 7.87 = $ 22.96: so the first choice (I'm not so sure though)
Answer:
Option A. , $22.96
Step-by-step explanation:
You saved in an emergency fund = $10,943.89
You saved it in two parts, one fourth is in a regular saving account and the remainder is in a 30-day CD.
First we calculate how much money you saved in both accounts.
[tex]\frac{1}{4}[/tex] × 10,943.89 = $2,735.97 is in regular savings account
Remainder = 10,943.89 - 2,735.97 = $8,207.92 is in CD.
Now we calculate interest earned in 30 days. so we use the formula :
I = prt
Where,
P = Principal amount
r = rate of interest (in decimal)
t = time 30 days (30÷365)
In regular savings account,
Principal amount = $2,735.97
Rate of interest = 3.5% = [tex]\frac{3.5}{100}[/tex] = 0.035
Time = 30 days of 365 days
I = 2735.97 ( 0.035 × 30 ÷ 365 )
I = 2735.97 ( 0.002876 )
I = $7.87
In CD account,
Principal amount = $8,207.92
Rate of interest = 4.57% = 0.0457
Time = 30 days
I = 8207.92 ( 0.0457 × 30 ÷ 365 )
I = 8207.92 ( 0.003756 )
I = $30.83
Now we got the interest for 30 days in both accounts. So the difference between the amount of interest would be
30.83 - 7.87 = $22.96
Option A. $22.96 would be correct answer.
