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 60-day cd at a 4.3% apr. how much total interest accrues over 60 days?

$43.38

$30.67

$32.23

$41.04

Total interest over 2 months: 31.10 $

Explanation:

Total amount saved: 1151.65 $/month x 4 month = 4606.6 $

Interest from savings account - 3.3% annually, interest is compounded monthly

where CI is compounded interest, P is the principal amount, r is the interest rate, t is the time of investment and n is the number of times interest in compounded per unit t

P = 1151.65 $

r = 3.3% annually = 0.275% monthly

t = 2 months

Interest from CD - 4.3% annually, interest is not compounded

where I is interest, P is the principal amount, r is the interest rate and t is the time of investment

P = 3454.95 $

r = 4.3% annually = 0.358% monthly

t = 2 months

Total interest over 2 months: 6.34 + 24.76

Total interest over 2 months: 31.10 $

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