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Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it?
a.
Lewis has $879 more than Mary.
b.
Lewis has $179 more than Mary.
c.
Mary has $776 more than Lewis.
d.
Mary has $345 more than Lewis.

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ya777m7

Answer:

lewis has $179 more than mary

Lanuel

Lewis has the greater total amount of money than Mary by $879

Given the following data:

  • Mary's principal = $3,700
  • Mary's interest = 3.2% = 0.032
  • Lewis's principal = $3,000
  • Lewis's interest = 5.9% = 0.059
  • Time = 15 years.

To determine who has the greater total amount of money and by how much greater is it:

The formula for simple interest.

Mathematically, simple interest is given by the formula:

[tex]S.I = PRT[/tex]

Where:

  • S.I is the simple interest.
  • P is the principal or starting amount.
  • R is the interest rate.
  • T is the time measured in years.

For Mary:

[tex]S.I = 3700 \times 0.032 \times 15[/tex]

S.I = $1,776

For Lewis:

[tex]S.I = 3000 \times 0.059 \times 15[/tex]

S.I = $2,655

Therefore, Lewis has the greater total amount of money.

Next, we would find the difference in their simple interest:

[tex]Difference = 2655-1776[/tex]

Difference = $879

Read more on simple interest here: https://brainly.com/question/24341207

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