Answer:
$1,085
Step-by-step explanation:
Data provided in the question:
Amount inherited and invested i.e principle = $31,000
Annual return for Mark on savings account = 2.9% = 0.029
Annual return for Charles on CD = 6.4% = 0.064
Now,
The Interest earned by Mark in 1 year = principle × Rate × Time
= $31,000 × 0.029 × 1
= $899
The Interest earned by Charles in 1 year = principle × Rate × Time
= $31,000 × 0.064 × 1
= $1,984
Therefore,
More Money that Charles have than Mark = $1,984 - $899
= $1,085
