One year ago, Lindsey deposited $250 into a savings account. Her balance is now $253. Two years ago, Jenn deposited $250 into a savings account. Her balance is now $257.50. Which account has the greater simple interest rate? Explain. This is due at 2
2 answers:
Answer:
She has a higher interest rate
Step-by-step explanation:
Lindsay’s interest is $3 for one year. Using the formula for interest, I = prt, Lindsey’s money is earning at a rate of 1.2%. Jenn has earned $3.75 for one year. Her money is earning at a rate of 1.5%, which is a higher interest rate.
Sample answer on edge ;)
Jenn's account has the greater simple interest rate
Where A is the final amount after investment, P is the initial amount, r is the rate of interest and t is the time periods.
For Lindsey:
Lindsey simple interest was 1.2% annually
For Jenn:
Jenn simple interest was 1.5% annually
Therefore Jenn's account has the highest simple interest rate.
^^^^^^^^^^^^^^^^^^^^
"EamonnAdams1992"
You might be interested in
The answer is (z - 3) (w + 6)
X = 30 PR = 584 QS = 584
diagonals of a rectangle are congruent.
Answer: 30 boys
Step-by-step explanation:
Boys:Girls
3 : 1
Let no. of girls =x
⇒ no. of boys =3x.
⇒ no. of students in class =4x
=
4/3×3x
= 4
/3 ×no. of boys
40=4/3* no.of boys
40* (3/4)=no.of boys
30=no of boys