Rose and Dennis each open a savings account at the same time. Rose invests $2,600 in an account yielding 4.1% simple interest, and Dennis invests $2200 in an account yielding 5.7% simple interest. After nine years, who has the greater total amount of money, and how much greater is it?

Question

Mathematics

Dania Burke

17 April, 12:44

Rose and Dennis each open a savings account at the same time. Rose invests $2,600 in an account yielding 4.1% simple interest, and Dennis invests $2200 in an account yielding 5.7% simple interest. After nine years, who has the greater total amount of money, and how much greater is it?

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Answers (1)

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Glenn Goodwin · Answer 1

Simple interest is calculated by adding the principal amount with the product of the principal amount, interest rate and the the time or period.

Rose's money = P + PrtRose's money = 2600 + 2600 (0.041) (9) Rose's money = $3559.4

Dennis' money = 2200 + 2200 (0.057) (9) Dennis' money = $3328.6

Thus, Rose has the greater amount of money and is $230.4 greater than Dennis.