You saved $10,943.89 in an emergency fund. one fourth is in a regular savings account at a 3.5% apr, and the remainder is in a 30-day cd at a 4.57% apr. what is the difference in the amount of interest earned in 30 days between the two savings instruments? $22.96 $19.12 $26.07 $15.33

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.

× 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% = = 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.

ok then what happened.