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maks197457 [2]
4 years ago
11

How much more will 34,000 earn in interest than 18,000 if both are invested in savings accounts with APYs of 5.6% for a year?

Mathematics
1 answer:
8_murik_8 [283]4 years ago
5 0

Answer:

<em>Amount of $34000 will earn </em><em>$896</em><em> more interest as compared to the amount of $18000.</em>

Step-by-step explanation:

We know that,

i=\dfrac{Prt}{100}

where,

i = interest,

P = principle,

r = rate of interest,

t = time period.

For principle amount of $34,000,

i_1=\dfrac{34000\times 5.6\times 1}{100}=\$1904

For principle amount of $18,000,

i_2=\dfrac{18000\times 5.6\times 1}{100}=\$1008

So the difference between the interest is,

i_1-i_2=1904-1008=\$896

Therefore, amount of $34000 will earn $896 more interest as compared to the amount of $18000.

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