George places $5,000 into an account that earns a simple interest of 4.3%. John places $5,500 into an account that earns 4%. Who
has earned the most interest at the end of 6 years?
1 answer:
Answer/Step-by-step explanation:
<u><em>George: </em></u>
4.3% ÷ 100 = 0.043
0.043 × 5000 = 215
<em><u>John:</u></em>
4% ÷ 100 = 0.04
0.04 × 5500 = 220
<u><em>End of 6 years:</em></u>
George: 215 × 6 = 1290
John: 220 × 6 = 1320
<u><em>John has earned the most interest at the end of 6yrs.</em></u><u><em> $1320</em></u>
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