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Lehana and Marty each opened a savings account with a deposit of $100. Lehana earned 2.5% simple interest per year. Marty earned 2% simple interest per year. Neither of them made additional deposits or withdrawals. How much more did Lehana receive in interest than Marty after three years?

Verified Answer :

KidWhoNeedsHelp567

100.0253=7.5 100+7.5=107.5
100.023=6 100+6=106
107.5-106=1.5
$1.50

JeanaShupp

Answer: $1.5


Step-by-step explanation:

Given : Lehana and Marty each opened a savings account with a deposit of $100

Thus, Principal amount is same for both P= $100

Time t=3 years

Rate  of interest for Lehana @@MATH_TOKEN_0@@

Rate  of interest for Marty @@MATH_TOKEN_1@@

Difference between the simple interest = S. I. for Lehana-  S.I. for Marty

@@MATH_TOKEN_2@@

Hence, Lehana receive $1.5 more in interset than Marty after 3 years.


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