Question

Ryan deposits $775 in an account that pays 4.24% simple interest for four years. Brian deposits $775 in an account that pays 4.24% simple interest for one year

Answer 1

Explanation:

Step one:

For Ryan

Principal= $775

rate= 4.24%

time = 4 years

the simple interest formula

SI= PRT/100

SI=(775*4.24*4)/100

SI=13144/100

SI=$131.44

Step two:

For Brian

Principal= $775

rate= 4.24%

time = 1years

the simple interest formula

SI= PRT/100

SI=(775*4.24*1)/100

SI=3286/100

SI=$32.86