Concept explainers
To find: Who will have more money over the long run.
Answer to Problem 34HP
Kai-Yo will have more money over the long run.
Explanation of Solution
Given information:
Kai-Yo deposits
Principal amount of Kai-Yo
Simple Interest percent of Kai-Yo
Marcos deposits
Principal amount of Marcos
Simple Interest percent of Marcos
Time for both Marcos and Kai-Yo
Concept:
Where
Calculation:
For Kai-Yo From given information
Principal amount
Time
Interest percent
We know
Annual interest rate
On substituting values in above mentioned concept
We get
Therefore,
Total amount of Money Kai-Yo has after 10 years
Total amount of Money Kai-Yo has after 10 years
For Marcos From given information
Principal amount
Time
Interest percent
We know
Annual interest rate
On substituting values in above mentioned concept
We get
Therefore,
Total amount of Money Marcos has after 10 years
Total amount of Money Marcos has after 10 years
We got
Total amount of Money Kai-Yo has after 10 years
Total amount of Money Marcos has after 10 years
Therefore,
Kai-Yo will have more money over a long run.
Chapter 6 Solutions
Glencoe Math Accelerated, Student Edition
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