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17 November, 06:27

Haley invests $16,820 in a nine-year CD bearing 5.8% interest, and $21,950 in an online savings account giving 3.0% interest. When the CD reaches maturity, how much more interest will it have generated than the savings account?

a.

$5,129.72

b.

$3,650.32

c.

$2,853.54

d.

$2,276.46

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Answers (1)
  1. 17 November, 06:46
    0
    CD interest

    16,820*0.058*9

    =8,780.04

    Online interest

    21,950*0.03*9

    =5,926.5

    How much more

    8,780.04-5,926.5

    =2,853.54
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