Pete and Teegan each put the same amount of money in a new bank account. Teegan's account earns 2.75% simple interest, and she e
arned $2.20 in interest after one year. Pete's account earns 5% simple interest. How much interest did Pete's account earn after one year?
1 answer:
Answer:
$4
Step-by-step explanation:
Let us assume that Pete and Teegan each put an amount of $P in a new bank account.
Teegan's account earns 2.75% simple interest and she earned $2.20 in interest after one year.
P = $80
Now, this $80 in Pete's account earns 5% simple interest.
Then after one year Pete will earn as interest 80x5/100 = 4 Dollars.
Therefore your answer is $4.
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Step-by-step explanation: