Rose and Dennis each open a savings account at the same time. Rose invests $2,600 in an account yielding...

Question

Rose and Dennis each open a savings account at the same time. Rose invests $2,600 in an account yielding 4.1% simple interest, and Dennis invests $2,200 in an account yielding 5.7% simple interest. After nine years, who has the greater total amount of money, and how much greater is it?
a. Rose has $230.80 more than Dennis.
b. Rose has $559.40 more than Dennis.
c. Dennis has $169.20 more than Rose.
d. Dennis has $512.00 more than Rose.
Please select the best answer from the choices provided
A
B
C
D

SnapAndSolve AI · Accepted Answer

To find out who has the greater total amount of money after nine years, we calculate the simple interest for both Rose and Dennis.

Rose's Simple Interest:
Principal = $2,600
Rate = 4.1%
Time = 9 years
Simple Interest = Principal × Rate × Time = $2,600 × 0.041 × 9 = $959.40
Total Amount = Principal + Interest = $2,600 + $959.40 = $3,559.40
Dennis's Simple Interest:
Principal = $2,200
Rate = 5.7%
Time = 9 years
Simple Interest = Principal × Rate × Time = $2,200 × 0.057 × 9 = $1,128.60
Total Amount = Principal + Interest = $2,200 + $1,128.60 = $3,328.60
Comparison:
Rose's Total = $3,559.40
Dennis's Total = $3,328.60
Difference = $3,559.40 - $3,328.60 = $230.80

Therefore, Rose has $230.80 more than Dennis. The correct answer is a. Rose has $230.80 more than Dennis.

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