How much more will $28,000 earn in interest than $16,000 if both areinvested in savings accounts with apys of 5.8% for a year?

Final answer is $12696.

Step-by-step explanation:

Given that initial amount P = $28000

Interest rate r = 5.8% = 0.058

Time = 1 year

Then future value is given by :

Similarly calculate future value for 2nd case:

Given that initial amount P = $16000

Interest rate r = 5.8% = 0.058

Time = 1 year

Then future value is given by :

then difference = 29624 - 16928 = 12696

Hence final answer is $12696.

$696.

Step-by-step explanation:

We are asked to find the amount of interest earned on $28,000 than $16,000 with APYs of 5.8% for a year.

We will use simple interest formula to solve our given problem.

= Amount of interest,

P = Principal amount,

r = Interest rate in decimal form,

t = Time in years.

Let us find difference of interests as:

Therefore, it will earn $696 more in interest.

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