You have 2 different savings accounts. For Account A, the simple interest earned after 9 months is $5.70. For Account B, the simple interest earned after 27 months is $32.40. If the interest rate is 3.8% for Account A and 2.4% for Account B, how much is the principal in each account? Which account earned you the most interest the first month? Explain your answer.

Principal in account A = $200

Principal in account B = $600

Account B earned more interest in the first month.

Step-by-step explanation:

Given two accounts:

Account A:

Time = 9 months = years

Interest rate = 3.8%

Interest earned = $5.70

Account B:

Time = 27 months = years

Interest rate = 2.4%

Interest earned = $32.40

To find:

Principal in each account.

Most interest earned in the first month?

Solution:

First of all, let us have a look at the formula for Simple Interest.

Putting the values for Account A and finding the value of Principal:

Now, Putting the values for Account B and finding the value of Principal:

Interest earned in one month i.e. years:

Account A:

Account B earned more interest in the first month.

Therefore, the answers are:

Principal in account A = $200

Principal in account B = $600

Account B earned more interest in the first month.

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step-by-step explanation:

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