Lancelot deposited $5000 each into 2 different savings accounts. Account A earns 8% simple interest. Account B earns 8% interest compounded annually. What is the sum of the balances of both accounts at the end of 6 years?

$15,334.37

Step-by-step explanation:

Lancelot deposited $5000 each into 2 different savings accounts.

Step 1- For simple Interest

Amount of money in the account

Account A earns 8% simple interest.

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year.

Solving our equation:

A = 5000(1 + (0.08 × 6)) = 7400

A = $7,400.00

Step 2- For Compounded Interest

Account B earns 8% interest compounded annually.

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

r = R/100

r = 8/100

r = 0.08 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 5,000.00(1 + 0.08/1)(1)(6)

A = 5,000.00(1 + 0.08)(6)

A = $7,934.37

The sum of the balances of both accounts at the end of 6 years is calculated as:

$7,934.37 + $7,400.00

=$15,334.37

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