Question

Meghan and Sabrina compared the amount of interest they each earned on their savings accounts. Each had deposited $1000, but Meghan earned $140 interest and Sabrina earned $157.50. Whose savings account had a higher interest rate? Explain.

Answer 1

I = PRT
140 = 1,000 * R
0.14 = 14% = R

157.5 = 1,000 * R
0.1575 = 15.75% = R

Answer 2

I assumed that they each deposited the money for a year.