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21 April, 01:06

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?

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  1. 21 April, 02:34
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    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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