Ito invested $4,350. After seven years he had an account value of $6,980.58. Maria invested $5,920. After six years she had an account value of $8,834.62. Which one of the following statements is correct?
A) Maria earned a rate of interest that was 0.9% higher than Ito's rate.
B) Maria earned a rate of interest of 5.89%.
C) Ito earned a rate of interest that was 0.09% higher than Maria's rate.
D) Ito earned a rate of interest of 6.90%.
E) Both Ito and Maria earned the same rate of interest.
Correct Answer:
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