Question

Monica deposits $100 into a savings account that pays a simple intrest rate of 3.4%. Paul deposits $200 into a savings account that pays a simple intrest rate of 2.2%.

Answer 1

Answer:

Paul

Step-by-step explanation:

Paul earn more than monica. Though he is getting less interest but because of his higher initial amount he is getting more return.

Computing the return of both

Monica return is  100*3.4%= $3.4 in a year

Paul return is 200*%2.2=  $4.4 in a year.

Answer 2

Answer: Monica is incorrect. Paul will earn $4.40 in 1 year and Monica will earn $3.40 in 1 year

Step-by-step explanation: 100×0.34 = 3.40 and 200×0.22 = 4.40