Question

Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it? a. Lewis has $879 more than Mary. b. Lewis has $179 more than Mary. c. Mary has $776 more than Lewis. d. Mary has $345 more than Lewis. Please select the best answer from the choices provided A B C D

Answer 1

B

Step-by-step explanation:

Answer 2

option (b) Lewis has $179 more than Mary

Step-by-step explanation:

Given:

Amount invested by Mary = $3700

Interest yield by Mary = 3.2% = 0.032

Amount invested by Lewis = $3000

Interest yield by Lewis = 5.9% = 0.059

Time duration = 15 years

Now,

The simple interest is calculated as:

Interest = Principle × Rate × Time

Therefore,

for Mary

Interest = $3700 × 0.032 × 15 = $1776

thus,

The total amount Mary will have = $3700 + $1776 = $5476

For Lewis

Interest = $3000 × 0.059 × 15 = $2655

thus,

The total amount Mary will have = $3000 + $2655 = $5655

Hence,

Lewis will have more money

The difference in money = $5655 - $5476 = $179

Hence,

The correct answer is option (b) Lewis has $179 more than Mary