Answer:
From the above calculation it is clear that The interest earn by Monica is less than the The interest earn by Paul , so Monica is wrong
Step-by-step explanation:
Given as :
The principal amount deposited by Monica in account = $ 400
The rate of interest = 4.4 % at simple interest
The time period = 1 years
Let The interest earn by Monica = $ x
From simple interest
Simple Interest = [tex]\dfrac{\textrm principal\times \textrm rate\times \textrm time}{100}[/tex]
Or, $ x = [tex]\dfrac{\textrm $ 400\times \textrm 4.4\times \textrm 1}{100}[/tex]
Or, x = $ 17.6
So, The interest earn by Monica = x = $ 17.6
Again
The principal amount deposited by Paul in account = $ 500
The rate of interest = 3.6 % at simple interest
The time period = 1 years
Let The interest earn by Paul = $ y
From simple interest
Simple Interest = [tex]\dfrac{\textrm principal\times \textrm rate\times \textrm time}{100}[/tex]
Or, $ y = [tex]\dfrac{\textrm $ 500\times \textrm 3.6\times \textrm 1}{100}[/tex]
Or, y = $ 18
So, The interest earn by Paul = y = $ 18
∴ As The interest earn by Paul [tex]>[/tex] The interest earn by Monica
Hence from the above calculation it is clear that The interest earn by Monica is less than the The interest earn by Paul , so Monica is wrong Answer
