Question

Can I Get A Little Help Here?

Answer 1

Hey there :)

We know the formula for simple interest is
I = prt
{ The picture includes what each stands for }

Lehena:
Initial amount = $100
Interest rate = 2.5% =
`(2.5)/(100) = 0.025`
Time = 3 years
I = ( 100 )( 0.025 )( 3 )
= 7.5$

Total = $100 + $7.5 = $107.5

Marty:
Initial amount = $100
Interest rate = 2% =
`(2)/(100) = 0.02`
Time = 3 years
I = ( 100 )( 0.02 )( 3 )
= $6

Total = $100 + $6 = $106

How much more than Marty did Lehena receive?
= Total Amount of Lehena - Total Amount of Marty
= 107.5 - 106
= $1.5

Your answer will be option B) $1.50