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

 Option 'C' is correct.

Step-by-step explanation:

Since we have given that

Amount Haley invests in a nine year CD = $16820

Rate of interest = 5.8%

Interest after 9 years becomes

Similarly,

Amount he invests in an online saving accounts = $21,950

Rate of interest = 3%

Interest after 9 years becomes

Difference between them is given by

Hence, Option 'C' is correct.

-7/8

step-by-step explanation:

instead of subtracting you add the -6/8 and -1/8