Answer:
Amount of $34000 will earn $896 more interest as compared to the amount of $18000.
Step-by-step explanation:
We know that,
[tex]i=\dfrac{Prt}{100}[/tex]
where,
i = interest,
P = principle,
r = rate of interest,
t = time period.
For principle amount of $34,000,
[tex]i_1=\dfrac{34000\times 5.6\times 1}{100}=\$1904[/tex]
For principle amount of $18,000,
[tex]i_2=\dfrac{18000\times 5.6\times 1}{100}=\$1008[/tex]
So the difference between the interest is,
[tex]i_1-i_2=1904-1008=\$896[/tex]
Therefore, amount of $34000 will earn $896 more interest as compared to the amount of $18000.
