Question

Jackson deposits $3,800 into a savings account that has a simple interest rate of 2.7%. Luisa deposits $2,700 into a savings account that has a simple interest rate of 3.8%. Who will have more money in their account after 8 years, if no other transactions are made? How much more?

Answer 1

Jackson should have more by $1100.

Explanation:

here is how

use formula A=Principle(1+rt)

A=3800(1+2.7(8))

A=85880

A=2700(1+3.8(8))

A=84780

then do

85880-84780=1100

so the answer is Jackson by 1100.