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2 December, 17:57

Two brothers, Mark and Walter, each inherit $19000. Mark invests his inheritance in a savings account with an annual return of 2.6%, while Walter invests his inheritance in a CD paying 5.5% annually. How much more money than Mark does Walter have after 1 year?

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  1. 2 December, 18:09
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    Mark's money after a year = $19000 + 2.6% of $19000 * 1

    = $19000 + (2.6/100) * $19000

    = $19000 + 2.6 * $190

    = $19000 + $494

    = $19494

    Walter's money after a year = $19000 + 5.5% of $19000 * 1

    = $19000 + (5.5/100) * $19000

    = $19000 + 5.5 * $190

    = $19000 + $1045

    = $20045

    Difference between their money = $20045 - $19494

    = $551

    Therefore, Walter has $551 more than Mark
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