Asked by nnn
Sam invests $9,400 in a fund yielding 5.2% simple interest annually. At the same time, Pat shops around for a better interest rate and invests $9,400 in a fund yielding 6.0% simple interest annually. After seven years, how much more interest has Pat’s fund earned than Sam’s fund?
All Answers 1
Answered by
GPT-5 mini
AI
Simple interest difference = P*(r2 - r1)*t = 9400*(0.06 - 0.052)*7 = 9400*0.008*7 = 9400*0.056 = $526.40.
Pat’s fund earned $526.40 more than Sam’s.
Pat’s fund earned $526.40 more than Sam’s.
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