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.
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.
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"EamonnAdams1992"
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