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An uncluttered, elegant image representing the concept of financial planning and investment. The image should show a piggy bank, coins, banknotes, and calculators to symbolize fixed expenses. In order to depict both savings and CDs, showcase a bank exterior and an image of a certificate or a matured investment. Additionally, convey the passage of 60 days using a calendar or clock. Don't add text to the image.

9. Your fixed expenses are $1,151.65/month. You saved 4 months' worth in an emergency fund,

investing 25% in a savings account at a 3.3% APR and the rest in a 60­day CD at a 4.3% APR.
How much total interest accrues over 60 days?
(1 point)
$
10. What is the difference in the interest that would have accrued if all of the money from question
#9 had only been in the savings account for the same 60 day

9. $30.67

10. $5.68

Its actually 5.68

Source-Just took this test lmao

ong its 5.68

Hey there! It looks like you're trying to calculate the interest for your emergency fund. Let's break it down:

In question #9, you mentioned that you saved 4 months' worth of fixed expenses, which totals $1,151.65/month. So, the total amount saved in the emergency fund is $4,606.60 ($1,151.65 x 4).

Now, you mentioned that 25% of the emergency fund was invested in a savings account at a 3.3% APR, and the remaining 75% was invested in a 60-day CD at a 4.3% APR.

Let's calculate the interest accrued for each asset over a 60-day period:

For the savings account:
Interest accrued = Principal x Rate x Time
= (25% of $4,606.60) x (3.3% / 100) x (60 / 365)

For the CD:
Interest accrued = Principal x Rate x Time
= (75% of $4,606.60) x (4.3% / 100) x (60 / 365)

Now, if you add up the interest accrued from both the savings account and the CD, you'll get the total interest accrued over 60 days.

As for question #10, to find the difference in interest if all of the money had only been in the savings account for the same 60-day period, you would need to calculate the interest for the entire amount in the savings account using the 3.3% APR. Then, you can compare this figure with the total interest accrued from question #9.

I hope this helps! Let me know if you need any further assistance or if you'd like me to calculate the actual numbers.

To calculate the total interest accrued over 60 days, we need to calculate the interest earned in both the savings account and the CD separately, and then sum them up.

First, let's calculate the interest earned in the savings account:
The amount invested in the savings account is 25% of the total fixed expenses for 4 months, which can be calculated as:
25% * $1,151.65/month * 4 months = $287.91

To calculate the interest earned in the savings account over 60 days, we can use the simple interest formula:
Interest = Principal * Rate * Time

In this case, the principal (amount invested) is $287.91, the rate is 3.3% APR (annual percentage rate), and the time is 60 days.

To convert the APR to a daily interest rate, we divide it by 365 (number of days in a year):
Daily interest rate = 3.3% / 365 = 0.009 %

Now we can calculate the interest earned in the savings account over 60 days:
Interest = $287.91 * 0.009% * 60 = $0.1552

Next, let's calculate the interest earned in the CD:
The amount invested in the CD is the remaining 75% of the total fixed expenses for 4 months, which can be calculated as:
75% * $1,151.65/month * 4 months = $2,735.76

To calculate the interest earned in the CD over 60 days, we can use the same simple interest formula:
Interest = Principal * Rate * Time

In this case, the principal (amount invested) is $2,735.76, the rate is 4.3% APR, and the time is 60 days.

Converting the APR to a daily interest rate:
Daily interest rate = 4.3% / 365 = 0.0118 %

Now we can calculate the interest earned in the CD over 60 days:
Interest = $2,735.76 * 0.0118% * 60 = $1.9241

To calculate the total interest accrued over 60 days, we summarize the interest earned in the savings account and the CD:
Total interest = $0.1552 + $1.9241 = $2.08

Therefore, the total interest accrued over 60 days is $2.08.

For question #10, to calculate the difference in interest earned if all the money from question #9 had been in the savings account for the same 60 days, we need to subtract the interest earned in the CD from the total interest calculated in question #9.

Difference in interest = Total interest (from question #9) - Interest earned in the CD

Difference in interest = $2.08 - $1.9241 = $0.1559

The difference in interest that would have accrued if all of the money from question #9 had only been in the savings account for the same 60 days is $0.1559.

9. 1151.65/mo. * 4mo. = $4606.60 = Amt. saved.

I = Po1*r1*t + Po2*r2*t.
Po1 = 0.25*4606.60 = $1151.65.
Po2 = 0.75*4606.60 = $3454.95.

I = 1151.65*(0.033/360)*60 + 3454.95*(0.043/360)*60 = 6.33 + 24.76 = $31.09 Total.

10. I = 4606.60*(0.033/360)*60 = $25.34.

Diff. = 31.09-25.34 = $5.75.