Answer:
Milla's account would earn $63 more that Gino's account after 1 year.
Step-by-step explanation:
Both Gino and Milla made an initial deposit of $6300.
Principal = $6300
Gino's rate = 2% = 0.02
Milla's rate = 3% = 0.03
number of years = 1
Interest = Principal x Rate x Time
So that,
for Gino;
Interest = 6300 x 0.02 x 1
= 126
The interest on Gino's savings after a year is $126.
for Milla;
Interest = 6300 x 0.03 x 1
= 189
The interest on Milla's savings after a year is $189.
Milla's interest - Gino's interest = 189 - 126
= 63
Milla's account would earn $63 more that Gino's account after 1 year.
