How much more will 22,000 earn in interest than 14000 if both are invested in savings accounts with apys of 5.4% for a year?
2 answers:
Answer:
$432 more are earned by 22,000 than 14,000 if invested with apys of 5.4% for a year
Step-by-step explanation:
Total =
where P=Principal amount
r= rate
t= time
Using this formula for P= 22,000 and r = 5.4% or 0.054 and t= 1
Total =
Total =
Interest earned = 23,188 -22,000
Interest earned = 1,188
Using this formula for P= 14,000 and r = 5.4% or 0.054 and t= 1
Total =
Total =
Interest earned = 14,756 -14,000
Interest earned = 756
AS interest earned by 22,000 is 1,188 while interest earned by 14,000 is 756
so, 1,188 - 756 = 432.
So, $432 more are earned by 22,000 than 14,000 if invested with apys of 5.4% for a year
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