3 years ago

How much more will $22,000 earn in interest than $14,000 if both are invested in savings accounts with APYS of 5.4% for a year?

1 answer:

6 0

Total = Principal * (1 + rate) ^ year
Total = 22,000 * (1.054)^1 = 23,188.00

Total = 14,000 * (1.054)^1 = 14,756.00

23,188.00 - 22,000 = 1,188.00 interest
14,756.00 - 14,000 = 756.00 interest

So the 22,000 earns (1,188.00 -756.00) = 432.00 more dollars in interest than the 14,000 dollars earns in interest.

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