QuestionNicole and Chris each deposit \$90,000 at 3\% interest. Calculate their interest for the first three years and compare.

Studdy Solution
Now, let's compare the interest earned by Nicole and Chris each year.In the first year, both Nicole and Chris earn \$2,700.In the second year, Nicole still earns \$2,700, but Chris earns \$2,781.In the third year, Nicole still earns \$2,700, but Chris earns \$2,864.43.So, Chris earns more interest in the second and third years.