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Ian invests $13,670 in a savings account at his local bank which gives 1. 9% simple annual interest. He also invests $6,040 in an online savings account which gives 4. 5% simple annual interest. After nine years, which one will have earned more interest, and how much more interest will it have earned, to the nearest dollar?.

Respuesta :

The online account will have earned $109 more interest because it annual simple interest in greater tham that of local bank account.

Simple interest :

Interest=Principal× Interest rate ×Time

To calculate the interest earned of local account

Interest=$13,670×0.019×9

Interest=$2,337.57

Now, to calculate the interest earned of online account

Interest=$6,040×0.045×9

Interest=$2,446.2

So,the difference in interest earned

Difference=$2,446.2−$2,337.57

Difference=$109

So, online Account will gain more interest after 9 years                         The online account will earn $109 more interest.

To learn more about simple interest visit here: brainly.com/question/2294792

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