Step-by-step explanation:
I think the answer would be
=1/31 and 1/31
A) A= 5000 x .0325 ( 31)
A= 5,037.50
.0325 = 3.25%
31 years 2021-1990 = 31
Answer:
Paul earned $2.6 more interest than Monica.
Step-by-step explanation:
Giving the following information:
Monica:
Initial investment= $300
Interest rate= 4.2%
Paul:
Initial investment= $400
Interest rate= 3.8%
<u>To calculate the income earned, we need to use the following formula:</u>
I= P*r*t
P= principal
r= interest rate
t= time
Monica:
I= 300*0.042*1= $12.6
Paul:
I= 400*0.038*1= $15.2
Paul earned $2.6 more interest than Monica.
