Answer:
☆ Emily has $16 more
Step-by-step explanation:
<u>FOR JAXON:</u>
You want to calculate the interest on $600 at 2.5% interest per year after 3 year(s).
The formula we'll use for this is the simple interest formula, or:
Where:
P is the principal amount, $600.00.
r is the interest rate, 2.5% per year, or in decimal form, 2.5/100=0.025.
t is the time involved, 3....year(s) time periods.
So, t is 3....year time periods.
To find the simple interest, we multiply 600 × 0.025 × 3 to get that:
The interest is: $45.00
Usually now, the interest is added onto the principal to figure some new amount after 3 year(s),
or 600.00 + 45.00 = 645.00.
Jaxon will have $645 after he closes his account.
<u>FOR EMILY</u>
You want to calculate the interest on $600 at 5.1% interest per year after 2 year(s).
The formula we'll use for this is the simple interest formula, or:
Where:
P is the principal amount, $600.00.
r is the interest rate, 5.1% per year, or in decimal form, 5.1/100=0.051.
t is the time involved, 2....year(s) time periods.
So, t is 2....year time periods.
To find the simple interest, we multiply 600 × 0.051 × 2 to get that:
The interest is: $61.20
Usually now, the interest is added onto the principal to figure some new amount after 2 year(s),
or 600.00 + 61.20 = 661.20.
Emily will have $661 when she closes her account.
<u>☆ Therefore, Emily will have $16 more than Jaxon.</u>
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