abcarter2009
Answered

Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Experience the convenience of finding accurate answers to your questions from knowledgeable professionals on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

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.

Sagot :

Kittyhacker14

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 = [tex]\frac{ptr}{100}[/tex]

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)☺️)

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.