Ask Question

Sophie could $330 in a savings account at a simple interest rate of 4% per year. Avi put $290 in a savings account at a simple interest rate of 5% per year. Who will have earned more interest after 2 years? How much more?

+4
Answers (1)
  1. Today, 15:26
    0
    Sophie would've earned more

    She would've earned $37 more

    Calculations:

    Sophie:

    $330 (1+4%*2)

    =$356

    Simple interest: $356-$330

    =$26

    Avi:

    $290 (1+5%*2)

    =$319

    Simply interest: $319-$290

    =$29

    $29-$26

    =$3
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sophie could $330 in a savings account at a simple interest rate of 4% per year. Avi put $290 in a savings account at a simple interest ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers