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Annabelle has $600 in a savings account that earns 2% simple interest for 6 years. Caroline has $400 in a savings account that earns 3% simple interest for 6 years. Whose account will have more money in it after the 6 years? How much more money will they have in their account?

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abidemiokin

Answer:

Step-by-step explanation:

Using the formula for calculating Amount;

Amount = Principal + Interest

Interest = Principal * Rate * time/100

For Annabelle:

Interest = 600*2*6/100

Interest = 6*2*6

Interest = $72

Amount after 6 years = $600 + $72 = $672

For Caroline:

Interest = 400*3*6/100

Interest = 4*3*6

Interest = $72

Amount after 6years = $400+$72 = $472

Hence Annabelle account will have more in it after 6 years.

Taking the difference in their amount = $672-$472 = $200

Hence Annabelle will have $200 more than Caroline in her account after 6 years

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