Shannon put $ 7,000 in a 5 year CD that paid 8% interest per year. Malcolm put $6,000 in a 5 year CD that paid 10% interest. What was the balance of each person's account at the end of the 5 years? Who made more money and how much more did they make? (Use I= PRT Where I= interest, R= rate, and T=time in years

Question

Please help me what I have try so far is

Shannon Malcolm
I = P R T I = P R T
8%= 7,000(5) 10% 6,000(5)
but still i couldn't understand

Answer 1

Your formula means

Interest earned = Principal * interest Rate * Time in years

Interest Rate is the decimal rate. 8% = 0.08

So
I = 7,000 * .08 * 5 = 2800
so at the end of 5 years Shannon has
7,000 + 2,800 = $9,800

Now I think you can do Malcolm

Answer 2

thank you for your help