Question

. Critique Reasoning Monica deposits $100 into

a savings account that pays a simple interest
rate of 3.4%. Paul deposits $200 into a savings
account that pays a simple interest rate of 2.2%.
Monica says that she will earn more interest in
one year because her interest rate is higher. Do
you agree? Justify your response.

Answer 1

The answer would be no, Monica is wrong.

Explanation:

By using the formula for simple interest; Time ( $ x Rate) = Interest

After a year, Monica would have gotten $40.80 in interest,

Paul would have gotten $81.60 in interest.

Because Paul deposited a higher amount of money than Monica, Paul earns more interest.