Question

Monica deposits ​$200 into a savings account that pays a simple interest rate of 3.5​%. Paul deposits ​$300 into a savings account that pays a simple interest rate of ​2.5%. Monica says that she will earn more interest in 1 year because her interest rate is higher. Is she​ correct? Justify your response.
Monica is correct/incorrect. Monica will earn $____ in 1 year while Paul will earn $____ in 1 year.

Answer 1

Answer:

Step-by-step explanation:

Monica's interest rate is higher, but the amount of interest depends on the size of the principal.

Monica: 3.5% of $200 = 0.035×$200 = $7

Paul: 2.5% of $300 = 0.025×$300 = $7.50

Monica is incorrect. She will earn $7 while Paul will earn $7.50

Answer 2

Incorrect

7

7.50

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