Conner has $875 to deposit into two different savings accounts. He will deposit $500 into Account #1, which earns 3% annual simple interest. He will deposit $375 into Account #2, which earns 3.5% interest compounded annually. After two years, what will the difference be between the Amounts in the two Accounts? PLEASE HURRY

The difference between the amounts in the two accounts, after two years is

Step-by-step explanation:

Account #1

we know that

The simple interest formula is equal to

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

substitute in the formula above

Account #2

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above

Find the difference between the amounts in the two accounts

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step-by-step explanation: