Monica deposits $100 into a savings account that pays a simple interest rate of 3.8%. Paul deposits $200 into a savings account that pays a simple interest rate of 2.5%. Monica says that
she will earn more interest in 1 year because her interest rate is higher. Is she correct? Justify your
response

Paul

Step-by-step explanation:

Paul earn more than monica. Though he is getting less interest but because of his higher initial amount he is getting more return.

Computing the return of both

Monica return is  100*3.4%= $3.4 in a year

Paul return is 200*%2.2=  $4.4 in a year.

Paul

Step-by-step explanation:

Paul earn more than monica. Though he is getting less interest but because of his higher initial amount he is getting more return.

Computing the return of both

Monica return is  100*3.4%= $3.4 in a year

Paul return is 200*%2.2=  $4.4 in a year.

Monica is incorrect. Paul will earn $4.40 in 1 year and Monica will earn $3.40 in 1 year

100×0.34 = 3.40 and 200×0.22 = 4.40

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step-by-step explanation:

put up a picture so people can you