Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. reasoning tommy earned $14.80 in interest after 4

Reasoning Tommy earned $14.80 in interest after 4 years on a principal of $100. His...

50.1K

Verified Solution

Question

Basic Math

image

Reasoning Tommy earned $14.80 in interest after 4 years on a principal of $100. His simple interest rate is 3.7%. Jane earned $136.80 in interest after 3 years on a principal of $1,200. Her simpleinterest rate is 3.8%. Which bank would you rather use, Tommy's or Jane's? Explain your reasoning.Which bank would you rather use?A. Jane's because her bank accepted a smaller principal.B. Jane's because her bank offers a better interest rate.C. Tommy's because his bank paid more interest.D. Tommy's because his investment took less time.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Sexton Inc. is considering Projects S and L, whose cash flows are shown below. These projects...

Finance
1.2K views

Assume you have a one-year investment horizon and are trying to choose among three bonds. All...

Calculus
1.2K views

An ellipse or hyperbola uses the general form Ax Cy Dz Ey F 0 Solving...

Algebra
1.2K views

a Graph the function f x ex on the window 5 5 by 10 30...

Algebra
1.2K views

Use the quotient rule to simplify Z

Accounting
1.2K views

List down the struggles of an accounting students. Thank you

Accounting
1.2K views

What do you think are the main pros and cons of conservatism in financial accounting?...

Accounting
1.2K views

5. A local businessman owns several different companies. His accountant prepares separate financial statements for...

Accounting
1.2K views

(b) Use the high-low method to develop a schedule identifying the amount of each cost...

Accounting
1.2K views

3) Newtowne Furniture Gallery issued two notes payable during 2023. Pertinent data on these notes...

Finance
1.2K views

Investments in real assets such as patents and exclusive rights to launch a product requires...

Accounting
1.2K views

Using the varable cost method, what matkup percenlage to varable cost shoula be used? Mutpole...