One year ago, Lindsey deposited $250 into a savings account. Her balance is now $253. Two years ago, Jenn
deposited $250 into a savings account. Her balance is
now $257.50. Which account has the greater simple
interest rate? Explain.

Jenn's account

Step-by-step explanation:

Given that:

LINDSAY'S ACCOUNT :

Principal = amount deposited = $250

Final Amount after 1 year = $253

Period (t) = 1 year

JENN'S ACCOUNT :

Principal = amount deposited = $250

Final Amount after 2 years = $257.50

Period (t) = 2 year

Using the relation :

A = P(1 + rt)

A = final amount ; r = interest rate ; t = time

Lindsay :

253 = 250(1 + r(1))

253 = 250 + 250r

253 - 250 = 250r

3 = 250r

r = 3/250

r = 0.012 ; (0.012 * 100) = 1.2%

Jenn:

257.50 = 250(1 + r(2))

257.50 = 250 + 500r

257.50 - 250 = 500r

7.50 = 500r

r = 7.50/500

r = 0.015 ; (0.015 * 100) = 1.5%

Hence, JENN'S deposit has the greater interest rate. (1.5 > 1.2)%

Sample response:Lindsay’s interest is $3 for one year. Using the formula for interest, I = prt, Lindsey’s money is earning at a rate of 1.2%. Jenn has earned $3.75 for one year. Her money is earning at a rate of 1.5%, which is a higher interest rate.

Step-by-step explanation: please make me brainliest

98%

step-by-step explanation: