Concept explainers
To find: The interest earned by both Kai-Yo and Marcos on their amounts, deposited for a period of 10 years at different rates and also to find who earned more interest.
Answer to Problem 34HP
Kai-Yo has more money after 10 years i.e. $600. And over a long duration also, Kai-Yo will always have more money than Marcos.
Explanation of Solution
Given information: Kai-Yo invested $ 500 at 2% rate and Marcos invested $250 at 4% rate, both for 10 years.
Formula used: Simple interest
Calculation: Simple interest earned by Kai-Yo
And simple interest earned by Marcos
So, total money, Kai-Yo has after 10 years
And total money that Marcos has after 10 years
Conclusion: As for the same duration, both will earn the same interest, so over a long period of time also Kai-Yo will have more money as he has invested more money initially, so that their interest remain same irrespective to time invested.
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