Let us calculate there individual interest
Monica's interest
[tex]\begin{gathered} I=\text{prt} \\ p=\text{ principal}=\text{ \$400} \\ r=\text{rate}=3.6\text{ \%=}\frac{3.6}{100}=0.036 \\ t=\text{time}=1\text{ year} \\ I=400\times0.036\times1=\text{ \$}14.4 \end{gathered}[/tex]
Paul's interest
[tex]\begin{gathered} I=\text{prt} \\ p=\text{ \$500} \\ r=3.1\text{ \%=}\frac{3.1}{100}=0.031 \\ t=\text{ 1 year} \\ I=500\times0.031\times1=\text{ \$15.5} \end{gathered}[/tex]
Monica is wrong with her statement. Paul will earn more interest t
