Sam and John deposited 20,000 in different banks. Sam deposited the amount for 5 years at a 5% rate of interest while John deposited it

Question

Sam and John deposited 20,000 in different banks. Sam deposited the amount for 5 years at a
5% rate of interest while John deposited it for 3 years at a 10% rate of interest. Who earned more
money? Why?​

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1 month 2021-09-17T10:39:41+00:00 1 Answer 0 views 0

S.I=p.r.t/100=20000*5*5/100=$5000 Amount after 5 years=20000+5000=$25000
S.I=p.r.t/100=20000*3*10/100=$6000 Amount:20000+6000=$26000