Question

George places $5,000 into an account that earns a simple interest of 4.3%. John places $5,500 into an account that earns 4%. Who has earned the most interest at the end of 6 years?​

Answer 1

Answer/Step-by-step explanation:

George:

4.3% ÷ 100 = 0.043

0.043 × 5000 = 215

John:

4% ÷ 100 = 0.04

0.04 × 5500 = 220

End of 6 years:

George: 215 × 6 = 1290

John: 220 × 6 = 1320

John has earned the most interest at the end of 6yrs. $1320