Respuesta :
Answer:
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal or initial amount of money invested.
R represents interest rate
T represents time
Considering the investment on account A,
I = $6.94
R = 3.7%
T = 9 months = 9/12 = 0.75 years
6.94 = (P × 3.7 × 0.75)/100 = 0.02775P
P = 6.94/0.02775 = $250
Considering the investment on account B,
I = $13.80
R = 2.3%
T = 18 months = 18/12 = 1.5 years
13.8 = (P × 2.3 × 1.5)/100 = 0.0345P
P = 13.8/0.0345 = $400
To determine the account that earned more interest in the first month,
250/9 = $27.8
400/18 = $22.2
Account A earned you the most interest the first month because $27.8 is higher than $22.2
Answer: Principal amount is A = $250.09
Principal amount is B = $400.
Account B earned you the most interest the first month
The formula for simple interest is expressed as
I = PRT/100
Where
- P = the principal or initial amount of money invested.
- R = interest rate
- T = time
On account A,
I = $6.94
R = 3.7%
T = 9 months = 9/12 = 0.75 years.
Using the formula:
[tex]6.94=\frac{\left(P\cdot3.7\cdot0.75\right)}{100}\\6.94=0.02775P\\P=250.09[/tex]
On account B,
I = $13.80
R = 2.3%
T = 18 months = 18/12 = 1.5 years
Using the formula:
[tex]13.8=\frac{\left(P\cdot2.3\cdot1.5\right)}{100}\\13.8=13.8=0.0345P\\P=400[/tex]
To determine the account that earned more interest in the first month we divide the interest by the number of months.
$6.94/9 = $0.7711
$13.80/18 = $0.7667
Account B earned you the most interest the first month because $0.7667 is higher than $0.7711.
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