Question

Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it?

Answer 1

Answer:B

Explanation:

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Answer 2

Lewis has greater total amount of money by 179 dollar.

Explanation:

The formula for Simple Interest is:
`I=P*r*t` , where
`I=` Amount of interest earned,
`P=` Principal amount,
`r=` Rate of interest in decimal form and
`t=` time duration

Mary invests $3,700 in an account yielding 3.2% simple interest for 15 years.

So, the amount of interest will be:
`I= 3700*0.032*15 = 1776` dollar.

Thus, the total amount of money for Mary will be:
`(3700+1776) dollar = 5476 dollar`

Now, Lewis invests $3,000 in an account yielding 5.9% simple interest for 15 years.

So, the amount of interest will be:
`I= 3000*0.059*15 = 2655` dollar.

Thus, the total amount of money for Lewis will be:
`(3000+2655) dollar = 5655 dollar`

Now, (5655 - 5476) dollar = 179 dollar.

So, Lewis has greater total amount of money by 179 dollar.