Question

You invest $1000 in each of two accounts. Account A earns simple interest at a rate of 2.42% over four years. Account B earns simple interest at a rate of 2.42% over 24 months. Find the interest earned by the 2 accounts. HELP PLEASE

Answer 1

Answer:

Acct A      $96.80

Acct B      $48.40

Step-by-step explanation:

I = PRT

Acct A      I = 1000(.0242)(4)

                  = $96.80

Acct B      I = 1000(.0242)2)

                  = $48.40