Livvi invests $19,430 in a savings account at her local bank which pays 1.8% simple annual interest. she also deposits $16,470 in an online savings account which pays 2.7% simple annual interest. after six years, which account will yield more interest, and approximately how much more interest will it yield?
a.
the online account will give $2,668 more interest.
b.
the online account will give $570 more interest.
c.
the local account will give $2,960 more interest.
d.
the local account will give $2,390 more interest.

The correct answer is option b. "The online account will give $570 more interest."

Step-by-step explanation:

Simple interest is the interest that is produced by investing or lending initial capital over a period of time. Simple interest does not accrue to the initial capital. Then the interest that is generated or paid in all periods is the same, while the interest rate and term do not vary.

This interest depends on capital, rate and time, and is calculated as follows:

I=C*i*t

where I is the interest, C is the initial capital, i is the interest rate and t is the time.

Then, after six years, it is possible to calculate the interest generated by each of the accounts:

Local account:

Online account:

It can be seen that the online account will generate more interest than the local account because value is greater. To know what the difference in profit is, you simply perform a subtraction:

2,668.14 - 2,098.44= 569.7 ≅ 570

This means that the online account will generate an interest of $570 greater than the local account.

So the correct answer is option b. "The online account will give $570 more interest."

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