This problem can be solved using equivalent fractions. The first step in resolving this problem is to realize that fractions are best compared when they both have the same denominator. In this case, I will choose to make that common denominator 100. There is no need to rewrite the fraction as the denominator for this fraction is already 100. The fraction
. This is achieved by multiplying both the numerator and denominator by 20. Now that the two fractions have the same denominator, we can easily see that
is greater than
because it is greater than its equivalent fraction.
Jim put $750 in a savings account that pays 7.75% simple interest. How much will he have at the end of 2 years?
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