Monica deposits $400 dollars into a savings account that pays a simple interest rate of 3.4% per deposit five dollars into a savings account that pays a simple interest rate of 3.3% Monica says that she will earn more interest in one year because your interest rate is higher. Is she correct? Justify your response

Step-by-step explanation:

Given that:

Deposit A:

Principal (p) = $400

Rate (r) = 3.4% = 0.034

Deposit B:

Principal = $5

Rate (r) = 3.3%

Tbe interest earned by the on an account is directly proportional to :

The size of principal amount , the interest rate and the number of years at which the amount is kept in deposit.

From the above ;

Account which earns more interest among the two is deposit A with a higher rate and a larger principal than B.

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