Answer:
$3.00 ($3.39)
Step-by-step explanation:
First, you need to find out how much David and Micheal put in their accounts at first. You know that David accumulated $2.40 at 4.25% interest rate, you can find what 1% of what his original deposit was by dividing $2.40 by 4.25% then multiplying that 1% by 100 to get the original deposit.
(2.40/4.25)100=56.470588235294
$56.47 is how much both David and Micheal deposited originally.
Micheal's account is on a 6% interest rate so you know her earnings should be slightly higher than David's $2.40, near $3.50.
To find the exact earnings you need to find what 6% of $56.47 is,
(56.47/100)6=3.39
So Micheals earned exactly $3.39 but you need to round your answer to the nearest whole number (or dollar) and that would be $3.00
