Answered

IDNLearn.com provides a seamless experience for finding and sharing answers. Whether it's a simple query or a complex problem, our community has the answers you need.

You have 2 different savings accounts. For Account​ A, the simple interest earned after 18 months is ​$5.70. For Account​ B, the simple interest earned after 21 months is ​$16.10. If the interest rate is ​3.8% for Account A and ​2.3% for Account​ B, how much is the principal in each​ account? Which account earned you the most interest the first​ month? Explain your answer.

Sagot :

Ksuttonrhmsidn
Answer:
Principal in account A = $200
Principal in account B = $600
Account B earned more interest in the first month.
Step-by-step explanation:
Given two accounts:
Account A:
Time = 9 months = years
Interest rate = 3.8%
Interest earned = $5.70
Account B:
Time = 27 months = years
Interest rate = 2.4%
Interest earned = $32.40
To find:
Principal in each account.
Most interest earned in the first month?
Solution:
First of all, let us have a look at the formula for Simple Interest.

Putting the values for Account A and finding the value of Principal:

Now, Putting the values for Account B and finding the value of Principal:

Interest earned in one month i.e. years:
Account A:


Account B earned more interest in the first month.
Therefore, the answers are:
Principal in account A = $200
Principal in account B = $600
Account B earned more interest in the first month.
We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thank you for choosing IDNLearn.com for your queries. We’re here to provide accurate answers, so visit us again soon.