math problem pls help

Question

Monica deposits ​$ 200 into a savings account that pays a simple interest rate of 3.4​%. Paul deposits ​$ 300 into a savings account that pays a simple interest rate of 2.8​%. Monica says that she will earn more interest in 1 year because her interest rate is higher. Is she​ correct?

Answer 1

No, Monica could be wrong.

She can directly compare her earnings after 1 year with Paul's earnings using just the interest rate ONLY if both of them saved the same amount.

Now, let's see how much interest each of them will get after 1 year.

We're using the formula: Interest=Principal*rate*time

Monica's interest= 200*(3.4/100)*1=6.80

Paul's interest= 300*(2.8/100)*1=8.40

Paul earns more. Monica's statement is incorrect.