Monica deposits $100 into a savings account that pays a simple interest rate of 3.6%. Paul deposits $200 into a savings accou

Question

2 years ago

13

Monica deposits $100 into a savings account that pays a simple interest rate of 3.6%. Paul deposits $200 into a savings accou

nt that pays a simple interest rate of 2.2%. Monica says that she will earn more interest in 1 year because her interest rate is higher. Is she correct? Justify your response.

Mathematics

1 answer:

Lady bird [3.3K] · Answer 1 · 2023-04-24T18:09:44+03:00

Lady bird [3.3K]2 years ago

6 0

Answer:

No, Paul will make more money in a year.

Step-by-step explanation:

Monica: 3.6% · 100 = $3.60 made in a year.

Paul: 2.2% · 200 = $4.4 made in a year.

Monica deposits ​$100 into a savings account that pays a simple interest rate of 3.6​%. Paul deposits ​$200 into a savings accou

Monica deposits $100 into a savings account that pays a simple interest rate of 3.6%. Paul deposits $200 into a savings accou