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Sophie could $330 in a savings account at a simple interest rate of 4% per year. Avi put $290 in a savings account at a simple interest rate of 5% per year. Who will have earned more interest after 2 years? How much more?

Respuesta :

pragyasingh
Sophie would’ve earned more
She would’ve earned $37 more

Calculations:
Sophie:
$330(1+4%*2)
=$356
Simple interest: $356-$330
=$26

Avi:
$290(1+5%*2)
=$319
Simply interest: $319-$290
=$29

$29-$26
=$3

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