Answer:
John has $1316 more money than Brian after one year
Explanation:
Given:
Amount each brother inherited = $47000
The rate on the saving account investment annually = 3.2% = 0.032
The rate of CD investment annually= 6% = 0.06
To find:
The amount of money John has than Brian after year
We will be taking the interest on the investment to be the simple interest
Interest on the savings account = amount inherited × rate
Inteterest on Brian's investment = 47000 × 0.032
Interest in Brian's investment = $1504
Interest on John's investment = 47000 × 0.06
Interest on John's investment = $2820
Difference in interest rate = 2820 - 1504
Difference in interest rate = $1316
John has $1316 more money than Brian after one year
