Question

Two brothers, Mark and Walter, each inherit $20000. Mark invests his inheritance in a savings account with an annual return of 2.5%, while Walter invests his inheritance in a CD paying 6.1% annually. How much more money than Mark does Walter have after 1 year?

Answer 1

Answer:

$720

Step-by-step explanation:

$20000 - 100%

$x. - 2.5%

x=(20000*2.5)/100=500

20000+500=$20500 in one year (Mark)

20000 - 100

x. - 6.1

x= (20000*6.1)/100 = 1220

20000+1220= $21220 (Walter)

21220-20500= $720 more (Walter will have after 1 year)