SOLUTION: Which earns more interest, $1000 at 8% simple interest for one year or $2000 at 2% simple interest for two years? thanks for the help!

Algebra ->  Human-and-algebraic-language -> SOLUTION: Which earns more interest, $1000 at 8% simple interest for one year or $2000 at 2% simple interest for two years? thanks for the help!      Log On


   

Question 5500: Which earns more interest, $1000 at 8% simple interest for one year or $2000 at 2% simple interest for two years?
thanks for the help!
Answer by CharStar(110) About Me  (Show Source):
You can put this solution on YOUR website!
The answer is $1,000 at 8%.
1,000 x 8% = $80.00
2,000 x 2% = $40.00 - 2 years = $20.00 for 1 year.
Hope that helps you.