30.0k views
0 votes
You have 2 different savings accounts. For Account​ A, the simple interest earned after 9 months is ​$6.75. For Account​ B, the simple interest earned after 21 months is ​$19.25. If the interest rate is ​3.6% for Account A and 2.2​% for Account​ B, how much is the principal in each​ account? Which account earned you the most interest the first​ month? Explain your answer.

PLS HELP ME WITH THIS, I DON'T UNDERSTAND THIS!

User Fancyoung
by
8.1k points

1 Answer

3 votes

Answer:

Step-by-step explanation:

Answer: Foremost sum could Be a = $250.09 Principal sum is B = $400. Account B earned you the foremost intrigued the first​ month The equation for straightforward intrigued is communicated as I = PRT/100 Where P = the central or starting sum of cash invested. R = intrigued rate T = time

On account A,

I = $6.94

R = 3.7%

T = 9 months = 9/12 = 0.75 years.

On account B,

I = $13.80

R = 2.3%

T = 18 months = 18/12 = 1.5 years

To decide the account that earned more intrigued within the to begin with month we separate the intrigued by the number of months.

$6.94/9 = $0.7711

$13.80/18 = $0.7667

Account B earned you the foremost intrigued the first​ month since $0.7667 is higher than $0.7711.

hoped this helped :-)

User Tarun Lalwani
by
7.8k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories