SOLUTION: Jane deposited $22,000 at a bank that pays 10% interest. Bill deposited $16,000 at a bank that pays 16% interest. Who will receive more interest in a year,and by how much more?

SOLUTION: Jane deposited $22,000 at a bank that pays 10% interest. Bill deposited $16,000 at a bank that pays 16% interest. Who will receive more interest in a year,and by how much more?

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Question 257098: Jane deposited $22,000 at a bank that pays 10% interest. Bill deposited $16,000 at a bank that pays 16% interest. Who will receive more interest in a year,and by how much more?

Answer by rajagopalan(174) (Show Source): You can put this solution on YOUR website!
Jane's yield=pnr/100=22000*1*10/100=2200
Bill's yield=pnr/100=16000*1*16/100=2560
So Bill will receive more
Extra yield for Bill=2560-2200=360
Answer=$ 360.00
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