Paul has $2,400 in a savings account earning 3.4% simple interest. How much more interest would he earn in 5 years if the intere
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Hey there :)
We know the formula for simple interest is
I = prt
{ The picture includes what each stands for }
Lehena:
Initial amount = $100
Interest rate = 2.5% =
Time = 3 years
I = ( 100 )( 0.025 )( 3 )
= 7.5$
Total = $100 + $7.5 = $107.5
Marty:
Initial amount = $100
Interest rate = 2% =
Time = 3 years
I = ( 100 )( 0.02 )( 3 )
= $6
Total = $100 + $6 = $106
How much more than Marty did Lehena receive?
= Total Amount of Lehena - Total Amount of Marty
= 107.5 - 106
= $1.5
Your answer will be option B) $1.50
We know the formula for simple interest is
I = prt
{ The picture includes what each stands for }
Lehena:
Initial amount = $100
Interest rate = 2.5% =
Time = 3 years
I = ( 100 )( 0.025 )( 3 )
= 7.5$
Total = $100 + $7.5 = $107.5
Marty:
Initial amount = $100
Interest rate = 2% =
Time = 3 years
I = ( 100 )( 0.02 )( 3 )
= $6
Total = $100 + $6 = $106
How much more than Marty did Lehena receive?
= Total Amount of Lehena - Total Amount of Marty
= 107.5 - 106
= $1.5
Your answer will be option B) $1.50
