Question

Lehana and Marty each opened A savings account for the deposit $100 lehana earned 2.5% simple interest per year Mari earned 2% simple interest per year neither of them may additional deposits or withdrawals how much more did did Leona receive an interest in muddy after three years

Answer 1

$1.57
The exponential growth formula can help find the total account balance after three years and then subtract the difference.

`y=a(1+r)^(x)`
y is the total value
a is the initial value (100)
r is rate (0.02 or 0.025)
x is years (3)


`100(1+0.02)^(3)= 107.69`
and

`00(1+0.025)^(3)= 106.12`

107.69 - 106.12 = 1.57