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2 March, 09:36

Henry and walter open savings accounts at the same time. henry invests $6,500 at 4.54% simple interest, and walter invests $7,100 at 4.74% simple interest. after eight years, how much more interest has walter earned than henry?

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  1. 2 March, 10:14
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    The interest of money placed into investment that has a simple interest can be calculated through the equation,

    I = Prn

    Where I is the interest, P is the principal, r is the decimal equivalent of the given rate and n is the number of years.

    For Henry,

    I = 6,500 x 0.0454 x 8 = 2360.8

    For Walter,

    I = 7,100 x 0.0474 x 8 = 2692.32

    The difference between the calculated interests is 331.52. Thus, after 8 years, Walter will earn $331.52 in interest than Henry.
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