Question

1. Ralin and Michael each opened a savings account with a deposit of $15,950.

Answer 1

Answer:

Simple interest formula

• I = Prt, I- amount of interest, P- principal, r- interest rate, t - time
• A = P(1 + rt), A - final amount, the rest as above

#1

18 months = 1.5 years

The difference in the amount of interest:

• $15950*1.5*(5.5-3)/100 = $598.13

#2

• $3000*(1 + 4*12/100) = $4440

#3

• $7050*8*(6 - 5.5)/100 = $282

#4

• $950*(1 + 12*3.65/100) = $1366.10