Sam invests $9,400 in a fund yielding 5.2% simple interest annually. At the same time, Pat shops around for a better interest ra

Question

3 years ago

14

Sam invests $9,400 in a fund yielding 5.2% simple interest annually. At the same time, Pat shops around for a better interest ra

te and invests $9,400 in a fund yielding 6.0% simple interest annually. After seven years, how much more interest has Pat’s fund earned than Sam’s fund?
a.
$817.80
b.
$3,948.00
c.
$652.40
d.
$526.40

Mathematics

2 answers:

lesya [120] · Answer 1 · 2022-08-17T19:22:04+03:00

lesya [120]3 years ago

7 0

Answer:

D. $526.40.

Step-by-step explanation:

Edge 2021

Goryan [66] · Answer 2 · 2022-08-17T17:19:53+03:00

Goryan [66]3 years ago

6 0

Pat's fund earned is $526.40 more than Sam's fund.

Sam's investment :
9400*.052 = 488.80*7 = $3,421.60

Pat's investment :
9400*.06 = 564*7= $3,948.00

$3,948.00-$3,421.60=$562.40

The answer to your question is going to be D. $526.40.

Hope this helps you!!:))