Jackie invested $12,000 in a certificate of deposit at 6%. She also put $3,000 in a savings account at 3%. How much interest will she earn after one year?

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Answer 1 · 2018-02-18T06:51:40

#$810#

Because the time is only for one year, it does not matter whether you use simple or compound interest

Calculate the interest on each account separately

#SI = (PRT)/100 + (PRT)/100#

#SI= (12,000xx6xx1)/100 + (3,000xx3xx1)/100#

#SI = 720 +90#

#SI = $810#

(The question I would ask is why she would not have all her money invested at the higher rate?)