Monica deposits $200 into a savings account that pays a simple interest rate of 3.5%. Paul deposits $300 into a savings accou

Question

3 years ago

11

Monica deposits $200 into a savings account that pays a simple interest rate of 3.5%. Paul deposits $300 into a savings accou

nt 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.

Mathematics

2 answers:

just olya [345] · Answer 1 · 2022-04-27T13:20:05+03:00

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

777dan777 [17] · Answer 2 · 2022-04-27T15:23:03+03:00

777dan777 [17]3 years ago

6 0

Incorrect

7

7.50

Could I have brainliest please?

Monica deposits ​$200 into a savings account that pays a simple interest rate of 3.5​%. Paul deposits ​$300 into a savings accou

Monica deposits $200 into a savings account that pays a simple interest rate of 3.5%. Paul deposits $300 into a savings accou