Maria deposits $30,000 into an account that pays simple interest at a rate of 3% per year. John deposits $30,000 into an account that also pays 3% interest per year. But it is compounded annually. Find the interest Maria and John earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Interest Maria earns Interest John earns Year Who earns more interest? (Simple interest) (Interest compounded annually) O Maria earns more. First O John earns more. O They earn the same amount. O Maria earns more. Second O John earns more. O They earn the same amount. O Maria earns more. O John earns more. O They earn the same amount. Third
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Consider the provided question,
For Maria,
P (Principal) = $30,000
r (rate) = 3%
Simple interest.
The formula for simple interest is given by,
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