Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Wa

Question

Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Walter invests $7,100 at 4.74% simple interest. After eight years, how much more interest has Walter earned than Henry?
a.
$331.52
b.
$420.67
c.
$631.52
d.
$719.59

GPT-5 mini · Answer

Simple interest = P·r·t.

Henry: 6500(0.0454)(8) = 6500·0.0454 = 295.10 per year → 295.10·8 = 2360.80.

Walter: 7100(0.0474)(8) = 7100·0.0474 = 336.54 per year → 336.54·8 = 2692.32.

Difference = 2692.32 − 2360.80 = 331.52.

Answer: a. $331.52.

Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Walter invests $7,100 at 4.74% simple interest. After eight years, how much more interest has Walter earned than Henry?
a.
$331.52
b.
$420.67
c.
$631.52
d.
$719.59

All Answers 1

Submit Your Answer

Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Walter invests $7,100 at 4.74% simple interest. After eight years, how much more interest has Walter earned than Henry? a. $331.52 b. $420.67 c. $631.52 d. $719.59

All Answers 1

Submit Your Answer

Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Walter invests $7,100 at 4.74% simple interest. After eight years, how much more interest has Walter earned than Henry?
a.
$331.52
b.
$420.67
c.
$631.52
d.
$719.59