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Person 1 puts $25 in an account that earns 3% simple interest annually. Person 2 puts $35 in an account that earns 2.5% simple interest annually. Which person would have more money in their account after 5 years?

Respuesta :

Luisdmooves

Answer:

hi

Step-by-step explanation:

evyonk

person 2

Step-by-step explanation:

OK so remember i = prt / 100

I = interest

p = principal

r = rate per annum

t = time period

for person 1, the amount he will receive is:

25 + (25)(3)(5)/100

= $28.75

for person 2, amt received is:

35 + (35)(2.5)(5)/100

= $39.375

short answer is person 2 gets more money hope this helps :)

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