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Two brothers, Mark and Walter, each inherit $19000 . Mark invests his inheritance in a savings account with an annual return of 2.6% , while Walter invests his inheritance in a CD paying 5.5% annually. How much more money than Mark does Walter have after 1 year?

Respuesta :

Mark's money after a year = $19000 + 2.6% of $19000 × 1
= $19000 + (2.6/100)×$19000
= $19000 + 2.6 × $190
= $19000 + $494
= $19494

Walter's money after a year = $19000 + 5.5% of $19000 × 1
= $19000 + (5.5/100)×$19000
= $19000 + 5.5 × $190
= $19000 + $1045
= $20045

Difference between their money = $20045 - $19494
= $551

Therefore, Walter has $551 more than Mark

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