Mrs.Davis deposits $8,000 into each of 2 savings accounts account 1 earns 6.5% simple interest account 2 earns earns 3% simple i
nterest what’s the difference between the amounts of interest in account 1 and account 2 after 6 years?
1 answer:
Answer:
$1680
Step-by-step explanation:
The equation for simple interest is I = PRT, where I = interest earned, P = principal/amount invested, R = rate as a decimal, and T = time in years.
Account 1:
I = (8000)(0.065)(6)
I = $3,120
Account 2:
I = (8000)(0.03)(6)
I = $1,440
$3120 - $1440 = $1680
Please lmk if you have questions.
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