Monica deposits $300 into a savings account that pays a simple interest rate of 4.2% paul deposits $400 into a savings account t
hat pays a simple interest rate of 3.8% monica says that she will earn more interest in 1 year because her interest rate is higher is she correct?
1 answer:
Answer:
Paul earned $2.6 more interest than Monica.
Step-by-step explanation:
Giving the following information:
Monica:
Initial investment= $300
Interest rate= 4.2%
Paul:
Initial investment= $400
Interest rate= 3.8%
<u>To calculate the income earned, we need to use the following formula:</u>
I= P*r*t
P= principal
r= interest rate
t= time
Monica:
I= 300*0.042*1= $12.6
Paul:
I= 400*0.038*1= $15.2
Paul earned $2.6 more interest than Monica.
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