The total money with them was $100 in their accounts
make the denominators the same so you cancompare
You need to find 24% of $7000 because that's the total interest over the course of 3 years. The answer is $1680
Hi there! The formula for simple interest is prt. That means multiply the principal (initial amount) by the rate (simple interest rate) by the time (could be in months or years). In this case, we multiply 475 * 5% (0.05) to get 23.75. That's $23.75 in interest each year, but we're looking for the amount earned in 10 years. To do this, multiply 23.75 by 10. When you do, you get 237.5. There. $237.50 in interest will be earned in 10 years.
