Monica deposits $200 into a savings account that pays a simple interest rate of 3.9%. Paul deposits $300 into a savings account that pays a simple interest rate of 3.2%. Monica says that she will earn more interest in 1 year because her interest rate is higher. Is she correct? Justify your response.

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JeanaShupp JeanaShupp · Answer 1 · 2021-01-30T17:13:00+01:00

Answer: No, Monica is incorrect. Paul will get more interest in 1 year.

Step-by-step explanation:

Formula: Simple interest : [tex]\dfrac{\text{principal x rate x time}}{100}[/tex]

Given: For Monica, Principal =$200, rate = 3.9%

Interest in 1 year = [tex]\dfrac{200\times3.9\times1}{100}=\$7.8[/tex]

For Paul, Principal =$300, rate = 3.2%

Interest in 1 year = [tex]\dfrac{300\times3.2\times1}{100}=\$9.6 > \$7.8[/tex]

Thus , Paul will get more interest in 1 year.

i.e. Monica is incorrect.