Question

Rose and Dennis each open a savings account at the same time. Rose invests $2,600 in an account yielding 4.1% simple interest, and Dennis invests $2200 in an account yielding 5.7% simple interest. After nine years, who has the greater total amount of money, and how much greater is it?

Answer 1

The formula is
A=p (1+rt)
A future value
P present value
R interest rate
T time in years

Rose investment
A=2,600×(1+0.041×9)
A=3,559.4

Dennis investment
A=2,200×(1+0.057×9)
A=3,328.6

So Rose investment is greater than Dennis investment by
3,559.4−3,328.6=230.8

Hope it helps!