Question

Greg and Jerry are depositing money into savings accounts. Greg deposits $500 into an account

for 2 years with 2% interest. Jerry despots $700 into a different account for 1 year with 3% interest.
Who eams the greatest overall percent interest? Show your work and explain.

Answer 1

Answer: Jerry

Step-by-step explanation:

Greg deposits $500 into an account for 2 years with 2% interest, the interest gotten will be:

= $500 × 2 × 2%

= $500 × 2 × 0.02

= $20

Jerry despots $700 into a different account for 1 year with 3% interest, the interest gotten will be:

= $700 × 1 × 3%

= $700 × 1 × 0.03

= $21

Based on the calculation, Jerry makes a greater interest.