To answer this question, we first need to calculate how much money each person will have at the end of 5 years.

1. Calculate the interest Lenny earns:
Simple interest is calculated using the formula I = PRT, where P is the principal amount, R is the rate of interest, and T is the time in years.
For Lenny, P = $275, R = 4/100 = 0.04, and T = 5 years.
So, I = 275 * 0.04 * 5 = $55.
Therefore, at the end of 5 years, Lenny will have $275 + $55 = $330.

2. Calculate the interest Patty earns:
For Patty, P = $300, R = 2/100 = 0.02, and T = 5 years.
So, I = 300 * 0.02 * 5 = $30.
Therefore, at the end of 5 years, Patty will have $300 + $30 = $330.

So, the statement that will be true at the end of 5 years is: "Lenny and Patty will have the same amount of money in their savings accounts."

Question

To answer this question, we first need to calculate how much money each person will have at the end of 5 years.

1. Calculate the interest Lenny earns:
   Simple interest is calculated using the formula I = PRT, where P is the principal amount, R is the rate of interest, and T is the time in years.
   For Lenny, P = $275, R = 4/100 = 0.04, and T = 5 years.
   So, I = 275 * 0.04 * 5 = $55.
   Therefore, at the end of 5 years, Lenny will have $275 + $55 = $330.

2. Calculate the interest Patty earns:
   For Patty, P = $300, R = 2/100 = 0.02, and T = 5 years.
   So, I = 300 * 0.02 * 5 = $30.
   Therefore, at the end of 5 years, Patty will have $300 + $30 = $330.

So, the statement that will be true at the end of 5 years is: "Lenny and Patty will have the same amount of money in their savings accounts."

Knowee AI · Accepted Answer

To answer this question, we first need to calculate how much money each person will have at the end of 5 years.

1. Calculate the interest Lenny earns:
   Simple interest is calculated using the formula I = PRT, where P is the principal amount, R is the rate of interest, and T is the time in years.
   For Lenny, P = $275, R = 4/100 = 0.04, and T = 5 years.
   So, I = 275 * 0.04 * 5 = $55.
   Therefore, at the end of 5 years, Lenny will have $275 + $55 = $330.

2. Calculate the interest Patty earns:
   For Patty, P = $300, R = 2/100 = 0.02, and T = 5 years.
   So, I = 300 * 0.02 * 5 = $30.
   Therefore, at the end of 5 years, Patty will have $300 + $30 = $330.

So, the statement that will be true at the end of 5 years is: "Lenny and Patty will have the same amount of money in their savings accounts."

Lenny deposited $275 in a savings account that earns 4% simple interest per year. Patty deposited $300 in a savings account that earns 2% simple interest. Which of the following statements will be true at the end of 5 years?

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