Question

Alexander and Eliza each opened a savings account with a deposit of $100

•Alexander earned 2.5% simple interest per year
•Eliza earned 2% simple interest per year
•Neither of them made additional deposits or withdrawals
How much more did Alexander receive in interest than Eliza after 3 years?

Answer 1

Eliza will have $106 after 3 years
Alexander will have $107.50 after 3 years
Alexander had $1.50 more than Eliza