Monica deposits $100 into a savings account that pays a simple intrest rate of 3.4%. Paul deposits $200 into a savings account that pays a simple intrest rate of 2.2%.

Question

Mathematics

Madalyn Castro

5 September, 02:53

Monica deposits $100 into a savings account that pays a simple intrest rate of 3.4%. Paul deposits $200 into a savings account that pays a simple intrest rate of 2.2%.

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Eden Daugherty · Answer 1

Paul

Step-by-step explanation:

Paul earn more than monica. Though he is getting less interest but because of his higher initial amount he is getting more return.

Computing the return of both

Monica return is 100*3.4% = $3.4 in a year

Paul return is 200*%2.2 = $4.4 in a year.