College Algebra...HELP

Question

Two brothers, Mark and Charles, each inherit $29000. Mark invests his inheritance in a savings account with an annual return of 3.2%, while Charles invests his inheritance in a CD paying 5.3% annually. How much more money than Mark does Charles have after 1 year?

Answer 1

It appears that the interest rate is simple interest, that is calculated at the end of each year.

 

if that is the case, then Mark will receive an interest payment of $29000 x 0.032 =  $928

 

Charles will receive an interest payment of $29000 x 0.053 = $1537

 

so, Charles will receive $1537 - 928 = $609 more than Mark