Colja127idn
Answered

IDNLearn.com is your go-to platform for finding reliable answers quickly. Join our community to receive timely and reliable responses to your questions from knowledgeable professionals.

Monica deposits ​$300 into a savings account that pays a simple interest rate of ​3.9%. Paul deposits ​400$ into a savings account that pays a simple interest rate of ​3.2%. Monica says that she will earn more interest in 1 year because her interest rate is higher. Is she​ correct? Justify your response.

Sagot :

858654189idn

Answer:

For Monica : Principle = $300 rate : 3.4% time 1 yr

Simple interest = Prt/100 = 300*3.4*1/100 = 1020/100= $ 10.2

For Paul : Principle = $400 rate : 2.8% time 1 yr

Simple interest = Prt/100 = 400*2.8*1/100 = 1120/100= $ 11.2

Step-by-step explanation:

We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Thank you for visiting IDNLearn.com. We’re here to provide accurate and reliable answers, so visit us again soon.