Question

Two brothers, Kevin and Greg, each inherit S43000. Kevin invests his inheritance in a savings account with an annual return of 1.7%. while Greg invests his inheritance
in a CD paying 5.3% annually. How much more money than Kevin does Greg have after 1 year?
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Answer 1

Answer:

S1548.

Step-by-step explanation:

1-7% =- 0.017 and 5.3% - 0.053.

Kevin : After 1 year he has 43,000 * 0.017 = S731.

Greg:  After 1 year he has  43,000 * 0.053 =  S2279

Difference = 2279 - 731 = S1548.