Question

How much more will 34,000 earn in interest than 18,000 if both are invested in savings accounts with APYs of 5.6% for a year?

Answer 1

$896

Explanation:

Just did

Answer 2

Amount of $34000 will earn $896 more interest as compared to the amount of $18000.

Explanation:

We know that,

`i=(Prt)/(100)`

where,

i = interest,

P = principle,

r = rate of interest,

t = time period.

For principle amount of $34,000,

`i_1=(34000* 5.6* 1)/(100)=\$1904`

For principle amount of $18,000,

`i_2=(18000* 5.6* 1)/(100)=\$1008`

So the difference between the interest is,

`i_1-i_2=1904-1008=\$896`

Therefore, amount of $34000 will earn $896 more interest as compared to the amount of $18000.