Question

Monica deposits ​$300 into a savings account that pays a simple interest rate of 3.9​%. Paul deposits ​$400 into a savings account that pays a simple interest rate of 3.6​%. Monica says that she will earn more interest in 1 year because her interest rate is higher. Is she​ correct? Justify your response.

Answer 1

Answer:

monica because with 3.4 % that is more than 2.3% and that is what they want to know so its monica

Step-by-step explanation:

The formula for calculating simple interest is given by :

S.I = $\frac{ptr}{100}$

For Monica

S.I = 300 x 3.4 x 1 / 100

S.I = $10.2

For Paul

S.1 = 400 x 2.4 x 1 / 100

S.I = $9.6

Therefore : Monica earned more interest

Monica's intrest rate is 1,224 and paul's is 840 so it would be monica.

(Hope this helps can I pls have brainlist (crown)☺️)